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Posted on Oct 19, 2024

You are planning to buy a house in 1 1 years. You would like to be able to make a down payment of $ 8

You are planning to buy a house in

11

years. You would like to be able to make a down payment of $

83, 400 .

The stated interest rate is

6 % (

APR

) .

If interest is compounded continuously, how much will you need to invest today in order to make the down payment?

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