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Mary wants to purchase a house in five years. Average home prices in her area are $200,000 today but are increasing by 4% per year.
Mary wants to purchase a house in five years. Average home prices in her area are $200,000 today but are increasing by 4% per year. If Mary wants to have a 20% down payment on an average house in five years, how much must she save each month in an account earning 5% compounded monthly?
Group of answer choices
$592.31
$639.84
$687.95
$715.61
$741.06
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