Calculating Present Investment for a $1,000,000 Gift in 45 Years with 12% APR Compounded Annually
A friend of mone has a 22 year opd daughter . He wants to gove her 1,000,000 goft for her collefe graduation present with the cabeat that she cannot have access to the godt for 45 years. Given that he incests in an asset that will earn 12% apr compounded annually how much would he need toninvest today?