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(Future value of an annuity) ln6 years, you are planning on retiring and buying a house in Oviedo, Florida. The house you are looking at
(Future value of an annuity) ln6 years, you are planning on retiring and buying a house in Oviedo, Florida. The house you are looking at currently costs $100,000 and is expected to increase in value each year at a rate of 6 percent. Assuming you can earn 13 percent annually on your investments, how much must you invest at the end of each of the next 6 years to be able to buy your dream home when you retire? a. If the house you are looking at currently costs $100,000 and is expected to increase in value each year at a rate of 6 percent, what will the value of the house be when you retire in 6 years? $ (Round to the nearest cent.) b. Assuming you can earn 13 percent annually on your investments, how much must you invest at the end of each of the next 6 years to be able to buy your dream home when you retire? $ (Round to the nearest cent.)
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