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How much will you have for a down payment at the end of year

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Reference no: EM132822470

Problem - FV OF UNEVEN CASH FLOW - You want to buy a house within 3 years, and you are currently saving for the down payment. You plan to save $9,000 at the end of the first year, and you anticipate that your annual savings will increase by 5% annually thereafter. Your expected annual return is 8%. How much will you have for a down payment at the end of Year 3?

Reference no: EM132822470

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