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Question

Work the following applied problem.

Bill Poole wants to have $20,000 available in 5 years for a down payment on a house. He has inherited$16,000. How much of the inheritance should he invest now to accumulate the $20,000 if he can get an interest rate of 5.5% compounded quarterly?

Solution

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Answered 1 year ago

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1 of 3**Given:** Bill Poole wants to have $\$20,000$ available in $5$ years for a down payment on a house. He has inherited $\$16,000$.
**Find** how much of the inheritance should he invest now to accumulate the $$20,000 if he can $get an interest rate of $5.5\%$ compounded quarterly.

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