You want to make an investment that will yield a lump sum of $ 94,393 in 5 years. You will invest at a nominal rate of 9 %. How much do you need to invest today to reach the above future value? Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. Enter your answer as a positive number.

Answer rating: 100% (QA)

We can use the formula for future value of a lump sum FV PV 1 rn where PV is the ... View the full answer