Question
You are planning to purchase a house in 5 years and want to accumulate a down payment of $100,000. You plan to invest in a
You are planning to purchase a house in 5 years and want to accumulate a down payment of $100,000. You plan to invest in a savings account that pays an annual interest rate of 5%, compounded monthly. If you make monthly contributions to the account, how much do you need to save each month to achieve your goal?
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Fundamentals of Engineering Economics
Authors: Chan S. Park
3rd edition
132775425, 132775427, 978-0132775427
