A good friend of yours has gotten stuck on a time value of money question. The question is as follows, "If you wanted to determine the present value of making a one time payment today to earn $1,000 in the future earning 6% annual interest over a 10 year period, what lump sum amount would need to put away today?" Here are your friends inputs. Where did he go wrong? N-120 1-6% PV- [Solve for this] PMT-0 FV 1,000