(Future value of an annuity) in 7 years, you are planning on retiring and buying a house in Oviedo, Florida. The house you are looking at currently costs $150,000 and is expected to increase in vall each year at a rate of 4 percent. Assuming you can eam 12 percent annually on your investments, how much must you invest at the end of each of the next 7 years to be able to buy your dream home when you retire? a. If the house you are looking at currently costs $150,000 and is expected to increase in value each year at a rate of 4 percent, what will the value of the house be when you retire in 7 years? $(Round to the nearest cont.)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.