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How much will you need to pay the developer

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A real estate developer offers to sell you some prime real estate for $455,000 today. You agree to pay $228,000 in exactly 9 months but the balance in exactly 24 months from today when you expect to receive some cash from an investment. How much will you need to pay the developer in 24 months if the interest rate is 7.6% per annum compounding monthly

Reference no: EM132504456

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