How much will have available for the down-payment

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Problem 1: If you invest $30,000 today at 5% compounded annually, how much will you have available for the down-payment on a house five years from now?

Problem 2: You just won the lottery and want to put some money away for your child's first year of college education. Freshman year in college will cost $40,000 in 18 years. You can earn 4% compounded annually. How much do you need to invest today?

Reference no: EM132882758

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