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You would like to purchase a vacation home in 5 years. The current price of...

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You would like to purchase a vacation home in 5 years. The current price of such a home is $275,000 but the price of these types of homes is rising at a rate of 4% per year. How much would you have to invest in years 1 to 5, (the same amount in each year) in nominal terms to exactly pay for the vacation home if your investments earn 6% APR (compounded annually in nominal terms? $57.624 $60,540 $59.353 10 $58.777

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