Solved: If you believe your mutual fund can achieve a 12 percent, Business Economics

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If you believe your mutual fund can achieve a 12 percent

You're trying to save to buy a new $190,000 BMW 3 series sedan. You have $40,000 today that can be invested t your bank. The bank pays 4.8% annual interest on its accounts.

How long will it be before you have enough to buy the car?
If you believe your mutual fund can achieve a 12 percent annual rate of return and you want to buy the car in nine years on the day you turn 30, how much must you invest today?

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Business Economics: If you believe your mutual fund can achieve a 12 percent

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