Suppose you are saving up for a down payment on a, Financial Management

Suppose you are saving up for a down payment on a

Suppose you are saving up for a down payment on a house. To do this, in April 2009, April2010, and April 2011 when you get back your tax refund, you plan to save of P dollars out of it.If you want to have $50,000 in April 2012, the annual interest rate is 8%, and interest compounds annually, what is P?

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