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What is the needed annual investment amount

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Reference no: EM133117022

Question - You want to make equal annual investments that will grow to $100,000 needed for the down payment on a home in 8 years while earning 6% a year.

Required -

a) What is the needed annual investment amount? Write out your equation(s) clearly and show your input(s).

b) If your investment grew at a larger rate (than 6%), would the needed annual investment be less or more than what you found in part (a)?

Reference no: EM133117022

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