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The Nicor family is planning to purchase a new home 3 years from now. If they have $240, 000 now, how much will be available 3 years from now? The fund grows at a compound rate of 12% per year.
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Question & Answer: The Nicor family is planning to purchase a new home 3 years from now. If they have $240, 000 now, how much will be avail…..
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Amount available after 3 years from now = P (1 + r)n
= $240000 x (1 + 0.12)3
= $337182.72
