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solina solina
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6 years ago
Your parents are planning to retire in Phoenix, AZ in 20 years. Currently, the typical house that pleases your parents costs $200,000, but they expect inflation to increase the price of the house at a rate of 4% over the next 20 years. In order to buy a house upon retirement, what must they save each year in equal annual end-of-year deposits if they can earn 10% annually?
A) $21,910.00
B) $7,650.94
C) $10,000.00
D) $14,715.52
Textbook 
Financial Management: Principles and Applications

Financial Management: Principles and Applications


Edition: 13th
Authors:
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Heavy Heart Thank you bio-forums! Heavy Heart
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David_hessDavid_hess
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6 years ago
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solina Author
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#2
6 years ago
Really appreciate the assistance, very kind of you!
Heavy Heart Thank you bio-forums! Heavy Heart
Anonymous
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#3
4 months ago
Help! The answer is missing an explanation...
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#4
4 months ago
I added my response!
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