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.)© BrainMass Inc. brainmass.com June 4, 2020, 3:55 am ad1c9bdddf
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.