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Form of equal annual end-of-the-year cash flows

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William wishes to save enough money to purchase a retirement lake cabin. He is willing to spend? $200,000 for the cabin and he can save? $20,000 per year and invest the money into an account earning? 7.00% per year. If his investments come in the form of equal annual end-of-the-year cash flows and the first cash flow is in exactly one? year, how long will it take him to save enough money to buy the lake? cabin?

Reference no: EM133074386

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