19. More on the time value of moncy Lloyd is a divorce attorney who practices law in Horida. He wants to join the American Drvorce Lawyers Association (ADLA), professional organization for divarce attomeys. The membership dues for the ADUA are $700 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADUA also has an option for members to buy a lifetime membership today for $6,000 and never have to pay annual membership dues. Obviously, the lifetame membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it's leal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Uoyd must remain a membier of WA so that the Letime membership is cheaper (on a present value basis) than paying $700 in annual membership dues? (Note: Round your answer up to the nearest year) 13 years 15 years 21 years 19 years In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 4% annual interest rate, what is its value as of 2012 (386 years later)? $90,173,766.66$119,029,371.99$76,647,701.66$103,699,831.66