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Deposit today to be able to buy the lamborghini

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Assume you want to buy yourself Lamborghini Huracan in 10 years. Assume further that in 10 years, Lamborghini Huracan will cost $500,000. Assume interest rate is 12% compounded monthly.

a) How much lump sum do you need to deposit today to be able to buy the Lamborghini?

b) Assume instead you save monthly. How much should you save monthly for the next 10 years to achieve your plan?

Reference no: EM132515685

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