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Your sister is 25 years old and wants to buy a house when she turns 35 years old (in 10 years exactly). She calculates that

Your sister is 25 years old and wants to buy a house when she turns 35 years old (in 10 years exactly). She calculates that she will need a R350 000 deposit to afford a mortgage instalment considering that the prime interest rate will rise in the following year. How much money must she invest monthly if you make her first investment today, which is at the end of the month, and she receive a return of 9% per year (nominal), (NACM) on the investment?

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