Annual rate of return-how much must you invest today

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Reference no: EM131460759

Suppose you are committed to owning a $185638 Ferrari. If you believe your mutual fund can achieve a 12.2 percent annual rate of return and you want to buy the car in 15 years, how much must you invest today?

(Round time value factors to 6 decimal places and final answer to the nearest dollar amount. Omit the "$" sign and commas in your response. For example, $123,456 should be entered as 123456.)

Reference no: EM131460759

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