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Dan and Jia Are Newlyweds and Have Just Purchased a Condominium

Question 59

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Dan and Jia are newlyweds and have just purchased a condominium for $70,000. Since the condo is very small, they hope to move into a single-family house in 5 years. How much will their condo worth in 5 years if inflation is expected to be 8 percent?

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PV = $70,000, r = 8%...

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