Calculating Today's Investment Amount
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John Hsu wants to start a business in 10 years. He hopes to have $100,000 at that time to invest in the business. To reach his goal, he plans to invest a certain amount today in a bank CD that will pay him 9.50 percent annually. How much will he have to invest today to achieve his target? (Round to the nearest dollar.)
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Solution Summary
The solution gives detailed steps on calculating the amount of today's investment with given annual interest rate and future amount. All formula and calculations are shown and explained.
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