A brilliant young scientist is killed in a plane crash. It is anticipated that he could have earned $$420,000$ a year for the next $40$ years. The attorney for the plaintiff's estate argues that the lost income should be discounted back to the present at $6$ percent. The lawyer for the defendant's insurance company argues for a discount rate of $12$ percent.

What is the difference between the present value of the settlement at $6$ percent and $12$ percent? Compute each one separately. Use A ppendix $D$ for an approximate answer but calculate your final answer using the formula and financial calculator methods.

Note: Do not round intermediate calculations. Round your answers to $2$ decimal places.

$\backslash$table$[[,$Present Value$],[PV$ at $6\%$ rate,$],[$PV at $12\%$ rate,$],[$Difference$,0\mathrm{.}00]]$

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