A college student is reported in the newspaper as having won $10,000,000 in the Texas Lottery. However, as is often the custom with lotteries, she does not actually receive the entire $10 million now. She may either take a lump sum now or she will receive $500,000 at the end of each year for the next 20 years. If the annual interest rate is 6%, how much should she accept as a minimum lump sum instead of the annual payments? You need to accumulate $10,000 for a trip you wish to take in four years. You are able to earn 8% compounded quarterly on your savings. You plan to make only one deposit and let the money accumulate for four years. How much should your one time deposit be? (Hint: remember that the interest rate is reported annually and that the number of periods is the number of times interest is accrued, not the number of years.)