Question

You plan to buy a house valued at GH₵ 45,000 five years from now. Interest rate...

You plan to buy a house valued at GH₵ 45,000 five years from now. Interest rate on
the market is expected to remain at 9%. If you deposit GH₵6,500 every year for
5years, in advance, will you meet your target? If not, how large must your deposits be
at the same interest rate to meet your target?

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Answer #1

No, I will not meet my target.

Hence, Deposit per year should be $6,898.31

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