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You would like to buy a retirement home in Florence, Italy in 3 years. The type of home you want to buy currently costs $553,092,

You would like to buy a retirement home in Florence, Italy in 3 years. The type of home you want to buy currently costs $553,092, but you expect the price to rise at 2% per year for the next 3 years.

If your investments earn 6.37% APR compounded annually (nominal), how much do you have to invest in years 1 to 3 to be able to purchase your retirement home?

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