Use the Following Information for Questions

question 17

Multiple Choice

Use the following information for questions
Mary needs $145,000 in 15 years to buy her son a new Ferrari. Assume that she can earn an 8% after-tax return on her investment. You may ignore inflation in these calculations.
-How much will Mary need to invest each year for the next 15 years if investments are made at the end of each year?

• A) $5,340
• B) $22,280
• C) $45,710
• D) $9,667
• E) None of the above. No one should own a Ferrari.

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