A famous quarterback just signed a contract for $8 million, providing $2.7 million a year for 4 years. A less famous receiver signed a contract for $7.0 million, providing $3 million now and $2.2 million a year for 4 years. The interest rate is 8%.

a.What is the PV of the quarterback's contract?(Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

b.What is the PV of the receiver's contract?(Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

In April 2016 a pound of apples cost $1.58, while oranges cost $1.22. Two years earlier the price of apples was only $1.37 a pound and that of oranges was $1.08 a pound.

a.What was the annual compound rate of growth in the price of apples?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

b.What was the annual compound rate of growth in the price of oranges?(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

c.If the same rates of growth persist in the future, what will be the price of apples in 2030?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

d.What about the price of oranges?(Do not round intermediate calculations. Round your answer to 2 decimal places.)

rev: 09_14_201