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Manoj Devendrarajah is saving for a condominium.He has $10,000 saved now.The condo he wants costs $400,000 now.Real estate prices are growing at 3% per annum.His
Manoj Devendrarajah is saving for a condominium.He has $10,000 saved now.The condo he wants costs $400,000 now.Real estate prices are growing at 3% per annum.His income is rising at 4% p.a. and he can save $10,000 at the end of this year.His saving will also increase at 4% p.a.He earns 5% on his invested savings.He wants to save enough for a down payment of 25% of the condo price five years from now.Will he meet his goal?
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