Assume a project will result in benefits of $1 trillion in 500 years by avoiding an environmental disaster that otherwise would occur at that time.

Compute the present value of these benefits using the following time-declining discount rate schedule: 3.5 percent for years 1-50; 2.5 percent for years, 51-100; 1.5 percent for years 101-200; 0.5 percent for years 201-300; and 0.2 percent thereafter. How does your answer compares to (b)? is the difference significant enough as to be important?