19. More on the time value of money Hoyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADU), a profestional organication for divorce attomeys. The membership dues for the ADLA are $750 per year and must be paid at the beginning of each year. for instance, membership dues for the first year are poid todoy, and dues for the second vear are payable one year from todoy, However, the ADU also has an optise for members to buy at fifotime membership today for $7,000 and never have to pay annual membership duet. Obviously, the lifetime membership ismt a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, its a great deal. Suppose that the appropriate annual interest rate is 8.9%. What is the minimum number of years that Uloyd must remain a member of answer up to the neareat year, 18 years is vetrs 20 years In 1626, Dutchmsn Peter Minuit purchaked Manhattan fuand from a local Nakive Americain tribe. Historians estimate thac the price he paia for the island was about $24 worth of goods, including beads, trinkets, cioth, kettles, and ane hnads. Many people find it laughable that Manhutgan laland invested at a 525% apnoal interest rate, what is its value as of 2012 (286 veqn latec)? 510,438,579,954.25 411,961,674,97.76 57,715,472,140,00 40,077 0id get in