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Mr Fish Wants to Build a House in Eight Years

question 23

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Mr. Fish wants to build a house in eight years. He estimates that the total cost will be $150,000. If he can put aside $10,000 at the end of each year, what rate of return must he earn in order to have the amount needed?

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Definitions:

Wall Length

The measurement of the distance from one end of a wall to the other, typically used in construction and room layout planning.

Gas-Powered

Refers to engines or machinery that operate using gasoline as a fuel source.

Wooden Exterior Trim

Decorative woodworking pieces used on the exterior of buildings to enhance aesthetic appeal and protect against weather elements.

Quarts Of Paint

A measurement of paint volume, with one quart equaling approximately 0.946 liters, used in purchasing or specifying paint quantities.

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