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What is the amount you should invest

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Question - Suppose you want to save money to pay for a down payment on an apartment in 5 years' time. One year from now, you will invest your $30,000 year-end bonus for the down payment. If you can invest at 15% per year, how much money will you receive on your cash in 5 years? If you need $210,000 for the down payment, and you would like to top up the remaining amount by investing a lump sum today, what is the amount you should invest?

Reference no: EM133159659

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