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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 Verified Answered 1 year ago Answered 1 year ago Step 1 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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