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In order to buy an apartment unit, Meryl needs to spend a total of $650,000 today and equal monthly payments of $2500 for the next
In order to buy an apartment unit, Meryl needs to spend a total of $650,000 today and equal monthly payments of $2500 for the next 33 years. How much should the apartment be worth at the end of this time period for this to be a profitable investment? Assume an annual interest rate of 14% compounded monthly.
a) $85,190,822
b) $85,788,822
c) $84,788,163
d) $86,788,163
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