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Question 7 1 pts Assume that you will need $50,000 as a down payment and you have nothing in the account today. How much woul
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Answer #1
Monthly deposit = Future value of monthly deposit / Future value of annuity of 1
= $ 50,000 / 56.93149482
= $ 878.25
Working:
Future value of annuity of 1 = (((1+i)^n)-1)/i
= 56.93149482
Where,
i = 8.5%/12 = 0.007083333
n = 48
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