Question: Calculating Present Values [LO2] Suppose you are committed to owning a $245,000 Ferrari. If you believe your mutual fund can achieve an annual rate of

Calculating Present Values [LO2] Suppose you are committed to owning a $245,000 Ferrari. If you believe your mutual fund can achieve an annual rate of return of 11.2 percent and you want to buy the car in 9 years (on the day you turn 30), how much must you invest today?

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