Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.

The future value of a given amount of money at a simple interest rate r% after t years is given by the formula: FV = PV (1 + rt), where PV is the present value of the money, r is the rate and t is the time.

FV = PV (1 + rt)

FV = 240000 (1 + 0.1 x 5)

FV = 240000 (1 + 0.5)

FV = 240000 (1.5)

FV = 360,000

Therefore, the future amount of $240,000 received 5 years from today at 10 percent annual interest is $360,000