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An investor plans to buy a cottage in exactly 5 years. He has already saved $7,000 and plans to put aside $2,000, $4,000, $6,000, $8,000
An investor plans to buy a cottage in exactly 5 years. He has already saved $7,000 and plans to put aside $2,000, $4,000, $6,000, $8,000 and $10,000 for each of the next five years. If he can invest his money at a nominal rate of 7.5%, how much money will he have for his purchase after 5 years?
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