An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child's birth. The purchaser (say, the parent) makes the following six payments to the insurance company: After the child's sixth birthday, no more payments are made. When the child reaches age 65 , he or she receives $430,000. The relevant interest rate is 14 percent for the first six years and 7 percent for all subsequent years. Find the future value of the payments at the child's 65 th birthday. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) You have just won the lottery and will recelve $530,000 in one year. You will receive payments for 26 years, and the payments will increase 3 percent per year. If the appropriate discount rate is 12 percent, what is the present value of your winnings? Multiple Choice $5,013,003 $46,102,822 $27,836 $5,221,878 $46,102,822 You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $11,000. a. What is the APR on this loan? b. What is the EAR