Assignment o5-Time Value of Money Lloyd is a divorce attorney who (ADLA), a must be paid at the dues for the second year are p buy a lifetime membership today for $5,000 and never have to pay annual membership dues. law in Florida. He wants to join the American Divorce Lawyers Association for divorce attorneys. The ng of each year. For instance, membership dues for the first year are paid today, and r and Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it's a great deal. Suppose that the appropriate annual interest rate number of years that loyd must remain a member of the ADLA so that the lifetime membership is is 7.5%. What is cheaper (on a present value basis) than paying $550 in annual membership the nearest year.) dues? (Note: Round your answer up to 14 years O 18 years O 21 years O 16 years In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 5.75% annual interest rate, what is its value as of 2012 (386 years later)? O $74,646,650,842.97 O $65,033,067,022.28 O $48,067,919,103.42 O $56,550,493,062.84 OTyne here to search