1. A lottery prize advertised as "$1 million" is actually paid as $25,000 a year for 40 years. Find the present value of the $25,000 a year for 40 years using a 5% discount rate. Find the present value using an 8% discount rate. 2. Find the monthly payments for a $15,000 car loan with the following terms. Also find the total amount that will be paid over the life of the loan. A)4 year loan at 8% interest (compounded monthly) Total paid B)6 year loan at 12% interest (compounded monthly) Total paid 3. Find the amount that must be saved each year to reach the following goals. a)Darby needs $20,000 in 10 years and can receive 4% interest. b)Fran needs $800,000 in 35 years and can receive 8% interest.