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You are planning to buy a new house, and you are currently 20 years old. You currently have $20K, and your bank told you that
You are planning to buy a new house, and you are currently 20 years old. You currently have $20K, and your bank told you that you would need a 20% down payment plus an additional 5% in closing costs. If the house that you want to buy costs $200K and you can make a 9.5% annual return on your investment, determine the following: a. Approximately how old will you be when you will have enough money for the down payment and closing costs assuming that the $20K is the only investment that you make
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