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Your firm is concerned about a financial obligation of $13 million coming due in 9 years. If your firm could earn 6.5% APR on an

Your firm is concerned about a financial obligation of $13 million coming due in 9 years. If your firm could earn 6.5% APR on an investment, how much would your firm have to invest today to fund (finance) the future $13 million obligation? (In other words, what is the PV of $13 M due 9 years from now if the interest rate is 6.5%?) Assume annual compounding. Answer in units of millions of dollars and to 2 decimal points. (eg. $13.12 )

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