HW 1 - The bank pays a ridiculously high 7.7% annual...

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Chapter 5 (Similar to Question 9) You want to save enough money to buy your first house and have selected a target house costing $200,000. Due to arbitrary circumstances, I, the creator of this problem, have decided that you are required to pay the full amount in order to purchase the house. You currently have $50,000 available to put in the local bank.
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Unformatted text preview: The bank pays a ridiculously high 7.7% annual interest on all accounts. How long will it take for you to save up the money required for purchasing the house? (Answer @ bottom of page) A) 18 years B) 18.68840130 years C) 19 years D) 18.7 years E) 19.68840130 years Answer: C...
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This note was uploaded on 05/26/2011 for the course FINA 3000 taught by Professor Laplante during the Spring '08 term at University of Georgia Athens.

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HW 1 - The bank pays a ridiculously high 7.7% annual...

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