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A rich relative has bequeathed you a growing perpetuity. The first payment will occur in a year and will be $3,000. Each year after that, you will receive a payment on the anniversary of the last payment that is 3% larger than the last payment. This pattern of payments will go on forever. Assume that the interest rate is 14% per year. a. What is today's value of the bequest? b. What is the value of the bequest immediately after the first payment is made? You have an investment account that started with $1,00010 years ago and which now has grown to $5,000. a. What annual rate of return have you earned (you have made no additional contributions to the account)? b. If the savings bond earns 16% per year from now on, what will the account's value be 10 years from now? Assume that Social Security promises you $47,000 per year starting when you retire 45 years from today (the first $47,000 will get paid 45 years from now). If your discount rate is 10%, compounded annually, and you plan to live for 17 years after retiring (so that you will receive a total of 18 payments including the first one), what is the value today of Social Security's promise? The value today of Social Security's promise is $ (Round to the nearest cent.)