Problem $5-17$ Calculating Present Values $[$LO$2]$

Suppose you are committed to owning a $$191,000$ Ferrar$.$ If you belleve your mutual fund can achieve an annual rate of return of $11$

percent and you want to buy the car in $8$ years $($on the day you turn $30),$ how much must you invest today?

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

Investment