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Suppose you are committed to owning a $220,000 Ferrari. If you believe your mutual fund can achieve an annual return of 10.85 percent, and you want to buy the car in 8 years on …

Suppose you are committed to owning a $220,000 Ferrari. If you believe your mutual fund can achieve an annual return of 10.85 percent, and you want to buy the car in 8 years on …
asked 162k views
3 votes
Suppose you are committed to owning a $220,000 Ferrari. If you believe your mutual fund can achieve an annual return of 10.85 percent, and you want to buy the car in 8 years on the day you turn 30, how much must you invest today

asked
User Shujito
by
7.6k points

1 Answer

1 vote

Answer:

2,291,520

Step-by-step explanation:

220,000×10.85%=23,870

23,870×96=2,291,520

answered
User Navaneethan
by
8.0k points
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