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You want to buy a $464,282 cottage in 3 years from today and have decided to...

You want to buy a $464,282 cottage in 3 years from today and have decided to make three identical payments into your 6.24 % p.a. simple interest savings account today, in one year from today and in 2 years from today. If the focal point is in 3 years, how large should those identical payments be?

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Answer #1

Size of each payment = $137,589.50

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