Assume the project pays rate of return

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You want to buy a house but do not want to get a loan. The average price of your dream house is $500,000 and its price is growing at 5 percent per year. How much should you invest in a project at the end of each year for the next 5 years in order to accumulate enough money to buy this dream house with cash at the end of the fifth year? Assume the project pays 12 percent rate of return.

Reference no: EM13950739

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