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It is January 2024, and you decide that in January 2030, you want to purchase a section of land (160 acres) that is currently appraised
It is January 2024, and you decide that in January 2030, you want to purchase a section of land (160 acres) that is currently appraised at $3,500 per acre. You predict that land will continue to appreciate in value at 8% per year until 2030. What do you estimate this land will cost you in 2030 if land continues to appreciate at 8% per year? If you want to put 30% down for this parcel (all 160 acres) of land in 2030, how much will you need? If you can invest money each year in a TFSA (or similar investment vehicle) that earns a 10% return, how much will you need to save each year in order to have the amount of money for the down payment that you found in part b
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