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21-09-2022
Business

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You plan to buy a house in 5 years and know that you will need to make a down payment at that time. You plan to save $1,000 by the end of this coming year. Moreover, you just got a job where the firm says it will increase your pay by 2% per year, so you plan to correspondingly increase the amount you "put away" into savings by 2% per year. Your investment vehicle will earn 4% per year. What amount of money will be available to use on the down payment, at the end of 5 years?.

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