you just inhereted 100,000 from your great frandfather, and you are looking to put some of his
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Question:
you just inhereted 100,000 from your great frandfather, and you are looking to put some of his money into a savings account.
The money you our into the savings account will be used to make a deposit on your "dream house," you making this deposit and buy this house 20 years from now.
Currently, the deposit on your dream house is $80,000 and you expect the amount of this deposit to increase by 3% per year dur to inflations and other factors.
The savings account where you put your money offers you an annual interest rate of 5% per year.
How much do you need to put into the savings account today to have enough for the house deposit twenty years from now?
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