In 10 years you are planning to buy a mountain chalet. The chalet you want currently costs $100,000 and is expected to increase in value
In 10 years you are planning to buy a mountain chalet. The chalet you want currently costs $100,000 and is expected to increase in value each year at a rate of 2.5 percent. If you can earn 10% annually on your investments, how much must you invest at the end of each of the next 10 years to be able to buy the chalet?
a) $6,275
b) $7,302
c) $8,032
d) $20,833
e) $5,704
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Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
