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Jim's goal is to save 1 0 % downpayment to purchase a house after 5 Years. Average house value is currently $ 6 0 0

Jim's goal is to save 10% downpayment to purchase a house after 5 Years. Average house value is currently $600,000 and is expected to grow at a rate of 3% every year. Jim currently has $25,000 savings. He also projects that he should be able to save $7,500 annually. If Jim invests his existing savings as well as the annual savings in an investment account that will provide an annual return of 5% would he be able to meet his goal of paying for the downpayment of a house at the end of 5 years?

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