Caroline Friedrich won the lottery! She will have a choice of receiving $25,000 at the end of each year for the next 40 years or a lump sum today. If she can earn 11% on her investments, what is the least she should be willing to accept today as a lump sum payment? Question 20 Planters, Inc. has borrowed $37,850 from its bank at an annual rate of 5.4%. It plans to repay the loan over a period of 8 years, with monthly payments. What is the monthly payment, if the first payment is made at the end of this month? (Round to the nearest dollar.)