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You want to buy a condo in three years, and you need $25,000 for a down payment. How much do you need to put into
You want to buy a condo in three years, and you need $25,000 for a down payment. How much do you need to put into an investment account right now so that you will have $25,000 in three years? Assume that the investment will pay 8% interest, compounded annually. Please use these TVM Tables to answer the question.
A. | $25,200 | |
B. | $51,540 | |
C. | $19,850 | |
D. | $64,920 |
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