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erA trust fund would be set up for the next eight years. At the end of that period, Dr. Wolf would receive the proceeds (and discount them back to the present at 10 perceni). The trust fund called for semiannual payments for the next eight years of $200,000 (a total of $400,000 per year) The payments would start immediately. Since the payments are coming at the beginning of each period instead of the end, this is an annuity due. Assume the annual interest rate on this annuity is 10 percent annually (5 percent semi- annually). Determine the present value of the trust fund's final value. Hint: S the section on Annuities Due. Required: Find the present value of each of the three offers and indicate which one has the highest present value WEB EXER As you have seen in this chapter, a dollar today does not have the same value as a dollar in the future or a dollar received in the past. At the time of his death in 1937, John D. Rockefeller was estimated to be worth $1.4 billion. Go to the Bureau of Labor Statistics at www.bls.gov. Highlight "Databases & Tools" at the top of the page, and select "Calculators" in the drop down menu. Click the calculator icon next to "Inflation." How much would Rockefeller's for- tune be worth in today's dollars? Now let's consider a hypothetical situation where you are worth S1 million at the end of World War II. Using the same CPI tool, calculate how much you would need today to maintain the same purchasing power as in 1945. Assume that the rate of inflation for the next 30 years is the same as the last 30 years. How much will you need to have the same purchasing power as you have today? Occasionally a topic we have listed may have been deleted, updated, or moved into a different location o 1. 2. 3. Note: a website. If you click on the site map or site index, you will be introduced to a table of contents that should ai you in finding the topic you are looking for