You are saving money for a down payment on a house suppose, Financial Management

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You are saving money for a down payment on a house suppose

You are saving money for a down payment on a house. Suppose you want to have total savings of $20,000 in 10 years time and you have currently $5,000. What annual interest rate do you need to earn on your initial investment, assuming you contribute no additional savings?

10.0%

18.5%

12.5%

15.0%

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Financial Management: You are saving money for a down payment on a house suppose

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