20. Suppose an Exxon Corporation bond will pay $4,500 ten years from now. If the going interest rate on safe 10 -year bonds is 5.70%, how much is the bond worth today? a. $2,585.01 b. $2,533.31 c. $2,791.81 d. $2,016.31 c. $2,559.16 21. Your Aunt Ruth has $340,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each year, starting immediately. How many years will it take to exhaust her funds, i.e., run the account down to zero? a. 13.59 b. 13.71 c. 10.45 d. 13.01 e. 11.61 22. Suppose you just won the state lottery, and you have a choice between receiving $3,025,000 today or a 20 -year annuity of $250,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes. a. 5.62% b. 5.35% c. 6.65% d. 6.34% e. 3.95% 23. Gustavo wants to buy a yacht worth $500,000 in 30 years. At the end of each year, he plans to invest a constant amount into a brokerage account that pays 9% annual interest. How much does Gustavo need to invest annually? [Show your work and answer below.]