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

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Reference no: EM131943428

1. You have been saving to buy a house. The total cost will be $10 million. You currently have about $2.3 million. If you earn 5% on your money.

(i) How long will you have to wait until you are able to buy the house?

(ii) At 16% how long will you have to wait?

2. You want to buy a house within 3 years, and you currently saving for down payment, you plan to save $300 at the end of each month, and you anticipate that your savings will increase by 10% annually thereafter. Your expected annual return during the saving period is 6%. How much will you have for a down payment at the end of year 3?

Reference no: EM131943428

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