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Ken starts saving for down payment on a house that he plans to buy 5 years from now. He plans to make monthly payments of $200 starting todax at 5% annual rate, compounded monthly. How much will be have in 5 years for the down payment? O $13,657.89 O $13,601.22 O $10,231.61 $8,539.37

Ken starts saving for down payment on a house that he plans to buy 5 years from now. He plans to make monthly payments of $200 starting todax at 5% annual rate, compounded monthly. How much will be have in 5 years for the down payment? O $13,657.89 O $13,601.22 O $10,231.61 $8,539.37

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Ken starts saving for down payment on a house that he plans to buy 5 years from now. He plans to make monthly payments of $200 starting today at 5% annual rate, compounded monthly. How much will be have in 5 years for the down payment? O $13,657.89 O $13,601.22 O $10,231.61 O $8,539.37
Transcribed Image Text:Ken starts saving for down payment on a house that he plans to buy 5 years from now. He plans to make monthly payments of $200 starting today at 5% annual rate, compounded monthly. How much will be have in 5 years for the down payment? O $13,657.89 O $13,601.22 O $10,231.61 O $8,539.37
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