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You need $20,000 for the down payment on your first home. You presently have $5,000 in savings for which you expect to earn 6%. If
- You need $20,000 for the down payment on your first home. You presently have $5,000 in savings for which you expect to earn 6%. If you dont add any further amounts to this account, how long before you will accumulate enough to meet your down payment requirement and buy the home?
- What is the FV of $7,189 invested for 23 years at a 9.25% (annual rate) when compounded monthly? 23.79 years
- How about compounded annually? $59,853.16
- EAR?
- What is the additional interest due to compounding?
I need help with question 4 and 5 thank you
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
17th Edition
126001391X, 978-1260013917
