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You would like to purchase your first home by the time you are 30 years old. You estimate that you will need $20,000 for a

You would like to purchase your first home by the time you are 30 years old. You estimate that you will need $20,000 for a downpayment. If you have eight years until you are 30 years old and you can earn 10% on your investments, how much will you need to save each year to reach your goal of $20,000?

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