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Mark and Sonya would like to have the opportunity to buy a home in the next five years. They currently have $15,000 saved toward this
Mark and Sonya would like to have the opportunity to buy a home in the next five years. They currently have $15,000 saved toward this goal in an investment account paying 7% annual interest, compounded on a monthly basis. In addition to this, Mark and Sonya add an additional $250 every month at the end of the month. Given this information, what amount can you tell Sonya and Mark that they will have for a down payment when they are ready to purchase their home?
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