Business, 21.06.2021 16:50 quadyshia12370

Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a 20% down payment. For example, to buy a $100,000 home, a person would need to save $20,000. At the end of each year for five years, the women make the following investments: Person Annuity Payment Type of Account Expected Annual Return
Mary Kate $3,900 Savings 3%
Ashley 4,900 CDs 5
Dakota 5,900 Bonds 6
Elle 5,900 Stocks 12

Required:
What is the maximum amount each woman can spend on a home, assuming she uses her accumulated investment account to make a 20% down payment?

Answers: 3

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Mary Kate, Ashley, Dakota, and Elle each want to buy a new home. Each needs to save enough to make a...