1) Celine Dion just won a"Name ThatTune" contest with a grand prize of $230,000. However, the contest stipulates that the winner will receive $60,000 immediately, and the remainder divided equally at the end of each of the next 14 years. Assuming that she can earn 4% on hermoney, what is the present value of herwinnings?

2)You are late paying a bill for $11,200.66. You have made arrangements to pay off the bill in installments of $260 permonth, and you will be charged monthly interest of 1.2% on the overdue balance. How many months will it take you to pay off the accountbalance?