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(10 pts) You want to buy a house in 8 years. You will put money into an investment program which will pay you 5% annual
(10 pts) You want to buy a house in 8 years. You will put money into an investment program which will pay you 5% annual interest (no monthly compounding). You invest $7000 today, and will invest another $7000 at the end of each year for the next 4 years. If you need a 15% down payment on your house, what is the maximum sales price of the house? (neglect taxes, fees, etc.)
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