Pete plans to purchase a custom car in five years in order to stave off...
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Accounting
Pete plans to purchase a custom car in five years in order to stave off a midlife crisis. He would like to have the sum of $200,000 in his car purchase fund in exactly five years.
Determine the amount Pete would have to invest today in order to have his car purchase fund grow to exactly $200,000 in five years if he can earn an 6% annual interest rate, compounded annually.
Select the answer that is closest to (within $250 above or below) what you calculated. If an answer is more than $250 away from what you calculated, you should consider it incorrect.
$149,452
$188,680
$111,678
$152,000
None of the above
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