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Suppose that a pension fund manager knows that she will need $ 1 0 , 0 0 0 , 0 0 0 in 1 0

Suppose that a pension fund manager knows that she will need $10,000,000 in 10 years to satisfy a liability at that time. She believes that she can earn an annual return of 8% compounded semiannually for the first 6 years and 5% compounded semiannually for the last 4 years. How much does she need to invest today (one-time investment) to ensure that she has $10,000,000 in 10 years?

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