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Suppose you want to buy a small cabin in the mountains four years from now....

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Question

Accounting

Suppose you want to buy a small cabin in the mountains four years from now. You estimate that the property will cost

$54,000

at that time. How much money do you need to invest each year in an interest-bearing account at the rate of

8%

per year to accumulate the purchase price?

Answer & Explanation Solved by verified expert
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