Mutual fund-how much must you invest today

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Suppose you are committed to owning a $200,000 Ferrari. If you believe your mutual fund can achieve a 11 percent annual rate of return and you want to buy the car in 8 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: EM131357408

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