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Brad and Tammy want to buy a new house in 7 years. They estimate that they will need $20,000 as a down payment. How much should they invest now at 7.75% interest compounded quarterly to have the $20,000 down payment in 7 years?

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Brad and Tammy want to buy a new house in 7 years. They estimate that they will need $20,000 as a do...

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