Question : A young graduate saving for house Lake Hartwell. The young : 1762
A young graduate is saving for house on Lake Hartwell. The young graduate is planning on saving $1,190.00 each quarter for 13.00 years in an investment account paying 7.56% interest that is compounded quarterly. His first deposit will be made at the end of the next quarter, so this is a regular annuity. In 13.00 years, he also plans on being able to afford a 15-year mortgage with $1,864.00 monthly payments at a 6.72% APR interest rate. Given the graduate’s plans, how expensive of a lake house will he expect to be able to purchase? (assume that the house price will be the value of the savings and the loan)
Answer Format: Currency: Round to: 2 decimal places.