Suppose you are committed to owning a $150370 Ferrari. If you believe your mutual fund can achieve a 12.2 percent annual rate of return and you want to buy the car in 8 years, how much must you invest today?
(Round time value factors to 6 decimal places and final answer to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign and commas in your response. For example, $123,456 should be entered as 123456.)