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George is hoping to buy his first home in 5 years. How much must he invest today if he wants to place a 20% deposit
- George is hoping to buy his first home in 5 years. How much must he invest today if he wants to place a 20% deposit on a $500,000 home if the interest rate is 6%?
- The inflation rate has spiked, and interest rates are now double digits. George can now earn 11% interest on his investment. What is the maximum home price that he can afford if he would still like to place 20% deposit in 5 years?
Please show the steps used to complete the problem as well as the formula. Thank you!
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