Your best friend won the state lottery and has offered to give you $10,000 in five years, after he has made his first million dollars. You figure that if you had the money today, you could invest it...

Your best friend won the state lottery and has offered to give you $10,000 in five years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 12 percent annual interest. What is the present value of your friend’s future gift?