The amount of money which you must invest today is equal to $68,517.85.
<h3>How to calculate the present value?</h3>
Mathematically, the present value of an investment can be calculated by using this formula:
Present Value, PV = FV/(1 + r)^t
<u>Given the following data:</u>
Time, t = 9 years.
Future value, FA = $190,000.
Interest rate, r = 12% = 0.12.
Substituting the given parameters into the formula, we have;
PV = 190,000/(1 + 0.12)^9
PV = 190,000/(1.12)^9
PV = 190,000/2.7730
PV = $68,517.85.
Read more on present value here: brainly.com/question/14811400
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