Tracy chapman is saving to buy a house in five years she, Ask an Expert

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Tracy Chapman is saving to buy a house in five years. She plans to put 20 percent down at that time, and she believes that she will need $27,000 for the down payment. If Tracy can invest in a fund that pays 6.60 percent annually, how much will she have to invest today?

(If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny.)

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Financial Management, Finance

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