A Retirement Home in Florida Costs $200,000 Today

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The Answer is $19,798.86; The future value of the home in 8 years is $273,713.80 (PV = $200,000,I = 4%,N = 8,solve for FV); The future value of the savings account in 8 years is $46,273.26 (PV = $25,000,I = 8%,N = 8,solve for FV); The difference of $227,440.54 is the additional amount Joe needs in 8 years.Since Joe is making equal annual deposits starting today,the $227,440.54 is the future value of an annuity due.The payment amount is $19,798.86 (FVA due = $227,440.54; N = 8,I = 8%,mode = BEG,solve for PMT).;

A Retirement Home in Florida Costs $200,000 Today

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A Retirement Home in Florida Costs $200,000 Today

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