Question
You are now 23 and recently graduated from university. You are about to commence work in a job you have found. Your starting salary is
You are now 23 and recently graduated from university. You are about to commence work in a job you have found. Your starting salary is $54000 before tax and you expect that it will grow at the rate of inflation going forward. You have examined the real estate market and think that in the future you would like to buy a house and that a deposit of $30000 should be sufficient. Given that you can save about 10 percent of your after tax income, how long will it take you to save for this deposit? (tax rate about 17%, The inflation rate is not given in the title)
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