Please answer all of the following questions.

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I. You have recently won the super jackpot in the Illinois state lottery.On reading the nne pril" you discover that you have the following two options: a. You receive $160,000 at the beginning of each year for 31 years. The income would be taxed at a rate of 28 percent. Taxes are withheld when the checks are issued. b You receive $1.750,000 now, but you do not have access to the full amount immediately 30-year annuity account that tax amount now. The remaining $814.000 will be placed in a pays $101,055 on a before-tax basis at the end of each year. Using a discount rate of 10 percent, which option should you select? On September 1, 1998, Susan Chao bought a motorcycle for $10,000. She paid si 000 down and financed the balance with a five-year loan at a stated annual interest rate of 9.6 percent monthly. She started the monthly payment exactly one month after the purchase ie, october, 1998, In the middle of october, 2000, she got a new job and decided to pay off the loan. If the bank charges her 1 percent prepayment penalty based on the loan balance, how much should she pay the bank on November 1.2000? Assume that the cost of a college education will be $20,000 per year when your child enters college 12 years from now. You cumently have $10,000 to invest. What rate of interest must your investment eam to pay the cost of a four-year college education for your child? For simplicity, assume the entire cost of the college education must be paid when your child enters college. You are saving for the college education of your two children. They are two years apart in age: one will begin college in 15 years, the other wi ill begin in 17 years. You estimate your children's college expenses to be $21,000 per year per child. The annual interest rate is 15 percent. How much money must you deposi in an account each year to fund your chil dren's education? You will begin payments one year from today. You will make your last deposit when your oldest child enters college A well-known insurance company offers a policy known as the "Estate Creator Six Pay. Typically the policy is bought by a parent or grandparent for a child at the child's birth. The details of the policy are as follows: The purchaser (say, the parent makes the following six payments to the insurance company. First birthday $750 Fourth birthday Second birthday $750 Fifth birthday $800 $750 Sixth birthday $800 he or she receives are made child's sixth birthday. When the child reaches age 65 7 percent for all bsequent If the relevant interest rate is 6 percent for the first six years and su years, is the policy worth buying