Suppose you are committed to owning a $208,000 Ferrari. If you believe your mutual fund can achieve an annual rate of return of 12 percent and you want to buy the car in 9 years on the day you turn 30, how much must you invest today?

Ski powder resort ends its fiscal year on april 30. the business adjusts its accounts monthly, but closes them only at year-end (april 30). the resort's busy season is from december 1 through march 31. adrian pride, the resort's chief financial officer, the museums a close watch on lift ticket revenue and cash. the balances of these accounts at the end of each of the last five months are as follows: