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Kate and richard just won 35000 in the pennsylvania state

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Kate and Richard just won $35,000 in the Pennsylvania state lottery. They decide to spend $9,000 now and put the remaining $26,000 in an investment earning 7 percent compounded annually. If they use the money in that investment for a vacation home in 9 years, approximately how much will they have available to put down on that home?

Reference no: EM13621228

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