To calculate how much money you must set aside today to give your daughter $50,000 in 9 years, given an annual interest rate of 15%, we can use the Present Value (PV) formula:

$PV = \frac{FV}{(1 + r)^n}$

Where:

• $PV$ = Present Value (the amount you need to set aside today),
• $FV$ = Future Value (the amount you want to have in the future, $50,000),
• $r$ = annual interest rate (15% or 0.15),
• $n$ = number of years (9 years).

Now, plug in the values:

$PV = \frac{50,000}{(1 + 0.15)^9}$

Let's calculate this.You must set aside approximately $14,213.12 today in order to have $50,000 in 9 years, assuming you can earn a 15% annual return on your investment.

Would you like more details or have any questions about this?

Here are 5 related questions to expand on this:

1. How does the calculation change if the interest rate is compounded quarterly?
2. What if you plan to give the money in 5 years instead of 9?
3. How would inflation affect this savings plan?
4. How does the present value change with a different future value goal, say $100,000?
5. What would the future value be if you invest $20,000 today at the same interest rate?

Tip: Always check whether interest is compounded annually, quarterly, or monthly, as it can affect how much you need to save!