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How much will john and jane have to invest each year

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Reference no: EM13915502

John and Jane were recently married and want to start saving for their dream home. They expect the house they want will cost approximately $275,000. They hope to be able to purchase the house for cash in 10 years.

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a. How much will John and Jane have to invest each year to purchase their dream home at the end of 10 years? Assume an interest rate of 9 percent.

b. John's parents want to give the couple a substantial wedding gift for the purchase of their future home. How much must John's parents give them now if they are to have desired amount of $275,000 in 12 years? Assume an interest rate of 9 percent. 

Reference no: EM13915502

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