# Deposit for house

The current house price is $300000, with prices increasing by 3% yearly. A buyer wishes to purchase the house in 5 years. The bank requires a 10%deposit on the price of the house in order to grant a loan. How much would the buyer need to deposit each quarter in an ordinary annuity earning 8% interest per annum compounded quarterly to be able to have the amount required for the deposit in 5 years?

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### You need to know the following knowledge to solve this word math problem:

**algebra**- exponential equation
- geometric progression
**arithmetic**- exponentiation
- addition
**basic functions**- percentages
- exponential function

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