How much must invest in year one

Reference no: EM132025112

Question: In order to have money available for replacing their family vehicle, a couple planned to have $220,000 available in 10 years by investing in a global mutual fund. If they plan to increase their savings by 10% each year, how much must they invest in year 1 if they expect to earn 10% per year on their investments?

Reference no: EM132025112

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