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Demonstrate how much must invest today

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Problem 1: You have made a major promise to one day owning an $1,936,405 vacation home. If you believe your mutual fund can achieve 11.3 percent annual rate of return and you want to buy the home in 16 years how much must you invest today? (Round time value factor 6 decimal places and final answer to nearest dollar amount)

Reference no: EM132717851

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