Question: Joe and Jill will be retiring soon and would like to buy a lake house for cash. They estimate that they will need $229,000

Joe and Jill will be retiring soon and would like to buy a lake house for cash. They estimate that they will need $229,000 to buy the house. If they can earn 6% on their money over the next three years, how much must they invest at the end of each month to have accumulated enough by retirement to buy that house? a. $5,822 b. $4,962 c. $43,500 d. $4,695

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