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You are planning to buy a house in 1 4 years. You would like to be able to make a down payment of $ 2

You are planning to buy a house in

14

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

25, 000 .

The stated interest rate is

9 % (

APR

) .

If interest is compounded monthly, how much will you need to invest today to be able to make your down payment?

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