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QUESTION
If I wanted to have $40,000 saved up for a down payment on a house 8 years from now, how much of my 1,000,000 inheritance would i need to save today?...
If I wanted to have $40,000 saved up for a down payment on a house 8 years from now, how much of my 1,000,000 inheritance would i need to save today? i assume i can earn 2.5% in an account that compounds annually.
FVYearsRatePV $40,00082.50%$32,829.86