How much must you invest today

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Reference no: EM132004585

Suppose you are committed to owning a $205,000 Ferrari.

If you believe your mutual fund can achieve a 12 percent annual rate of return and you want to buy the car in 9 years on the day you turn 30, how much must you invest today?

(Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Reference no: EM132004585

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