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Savings toward the down payment on a house

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Jeremy Denham plans to save $4,500 every year for the next eight years, starting today. At the end of eight years, Jeremy will turn 30 years old and plans to use his savings toward the down payment on a house. If his investment in a mutual fund will earn him 11.70 percent annually, how much will he have saved in eight years when he buys his house.

Reference no: EM131419657

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