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Homework answers / question archive / Suppose you want to save money to pay for a down payment on an apartment in 5 years' time

Suppose you want to save money to pay for a down payment on an apartment in 5 years' time

Finance

Suppose you want to save money to pay for a down payment on an apartment in 5 years' time. One year from now, you will invest your $30,000 year-end bonus for the down payment. If you can invest at 15% per year, how much interest will you receive on your cash in 5 years? If you need $210,000 for the down payment, and you would like to top-up the remaining amount by investing a lump sum today, what is the amount you should invest? 

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