1.On a recent trip to the united States, you purchased a ticket in a state lottery. Now you discover that you are the lucky winner of the $30 million prize.You can take your prize money either as (a) 30 payments of $1 million per year (starting today), or (b) $15 million paid today.If the interest rate is 8%, which option should you take.Show calculations

1.James has just turned 35 years old, and he has decided it is time to plan seriously for his retirement.On each birthday, beginning in one year and ending when he turns 65, he will save $10,000 in an RRSP account.If the account earns 10% per year, how much will James have saved at age 65.