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You want to buy a $200,000 house and plan to pay 20% of the purchase price as a down payment and finance the rest. You
You want to buy a $200,000 house and plan to pay 20% of the purchase price as a down payment and finance the rest. You currently have $2,000 to invest. If you invest your $2,000 in a mutual fund with an average annual return of 6%, then how many years must you wait to achieve your goal?
N= ?
I= 6.0%
PV= ?
PMT= ?
FV= 0.2*200,000=40,000
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