Mutual fund can achieve annual return

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Reference no: EM131906525

Suppose you are committed to owning a $225,000 Ferrari.

If you believe your mutual fund can achieve an annual return of 10.9 percent, and you want to buy the car in 11 years on the day you turn 30, how much must you invest today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Amount to be invested $

Reference no: EM131906525

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