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Assume you want to have $ 4 0 , 0 0 0 for a down payment on a house in 8 years. How much would

Assume you want to have $ $40, 000$ for a down payment on a house in $8$ years. How much would you need to put into an account today to have the $ $40, 000$ down payment $8$ years from now? You can invest money today in an account that pays $4.75 %$ interest, compounded quarterly.

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Question

Assume you want to have $ 4 0 , 0 0 0 for a down payment on a house in 8 years. How much would

Assume you want to have $40,000 for a down payment on a house in 8 years. How much would you need to put into an account today to have the $40,000 down payment 8 years from now? You can invest money today in an account that pays 4.75% interest, compounded quarterly.

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Step: 1

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Recommended Textbook for

Accounting What the Numbers Mean

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Assume you want to have $ $40, 000$ for a down payment on a house in $8$ years. How much would you need to put into an account today to have the $ $40, 000$ down payment $8$ years from now? You can invest money today in an account that pays $4.75 %$ interest, compounded quarterly.