Planning buy new house, Adam is planning to buy a new house

Planning buy new house

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Reference no: EM133650042

Question

Adam is planning to buy a new house for USD 90,000 in four years. In another three years, he'd like to spend USD 20,000 to redecorate his house. How much money should he invest today if he wishes to make his plans come true? For the first 4 years, assume a 5% rate of return on the investment and for the next three years assume a rate of return of 3%.

Reference no: EM133650042

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