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How much he should invest each year

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Reference no: EM133014934

Question - Mr Patrick decided to retire in 15 years. He plans to migrate to Canada and buy a mansion and settle there with his family. The current price of that mansion is $ 500000. And expected an increase 8% in value each year. He decided to start an investment for his future purchase. Suppose Mr Patrick can earn 12% annually on his investment, how much he should invest each year for the next 15 years to be able to buy his mansion he retires.

FV = 500000

DF = 8%

Duration 15 year

Reference no: EM133014934

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