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Hillier Hillier
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6 years ago
Momin plans to buy a house on cash instead of paying mortgage. He plans to set aside $14 400 at the end of each year for 15 years. He puts his savings in a Tax Free Savings Account (TFSA) and invests them in a high risk mutual fund, which has traditionally earned 12.2% annually. Money decreases in value by 2.5% per annum as well. How long will it take Momin to reach his target?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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SupremeSupreme
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