Sarah found her dream lakefront home, valued at $250,000. She plans to buy a home just like it when she retires in 15 years. Sarah can earn 11% per year on her investments. The price of the house will increase 3% per year for the next 15 years
How much must she invest at the end of each of the next 15 years to finance the purchase?
A) $11,320.67
B) $7,266.31
C) $8,952.82
D) $10,198.81
E) $12,565.95
A
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