What earnings in a mutual fund the grandfather recommends

Reference no: EM13214353

A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today and can earn 12% on both the $20,000 and his earnings in a mutual fund his grandfather recommends?

Reference no: EM13214353

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