Problem $4-17$ Calculating Present Values $[$LO $2]$

Suppose you are committed to owning a $$205,000$ Ferrari. If you believe your mutual fund can achieve an annual return of $10\mathrm{.}7$ percent, and you want to buy the car in $12$ years on the day you turn $30,$ how much must you invest today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$