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You are are seeking to purchase a house in the future in exactly 15 years. The house is today valued at $200,000 and is expected to grow in price at 3% per year compounded. You wish to set aside annual monthly payments to buy the house for cash at the end of the 15th year. What would be the annual amount to set aside (invested) assuming a rate of return of 12% so you can purchase the business for cash when the 15th year has been completed? Round to the nearest $100 Select one: a. d. $29,400 b. c. $8,400 c. b. $19,300 d. a. $20,800 e. e. $18,400

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Financial Management, Finance

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