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In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $71,500 when you
In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $71,500 when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 4 percent per year in order to accumulate the $71,500 purchase price? (Round your answer to 2 decimal places.) Required investment per year
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