Question 1 Intellectual Property I The Copyright Term Extension Act of 1998 is also known as the Sony Bono Act and more satirically as the Mickey Mouse Protection Act. Basically, the law changed the length of time copyright works are protected from a maximum of 50 years to a maximum of 95 years (this is a bit of a simplication, but suices for this problem). Assume that a hypothetical work earns $1000 per year royalty payment while protected by copyright, and earns nothing once the work goes into the public domain when copyright protection ends. Assume the annual rate of interest is 5 percent. Consider the copyright holder's perspective from a present value framework. Your task in this problem is to compute the present value of the maximum 95 year copyright protection. That is, nd the present value of $1000 per year at 5 percent per year for a period of 95 years. Question 2 Intellectual Property II Some intellectual property rights lawyers believe that there is no signicant difference between a 95 year protection period or simply copyrighting material forever. That is, the copyright term NEVER EXPIRES. Use the same inputs [interest rate and periodic royalty payments) as Question 1. Compute the present value of the perpetuity. Surely the author earns more but how much more in present value terms, than in the 95 year protection period yields in present value terms? Put differently, do you agree or disagree with those attorneys favoring perpetual copyright protection? Briey explain. Question 3 Doubling Times Suppose the rate of interest is 3 percent per year. APPROXIMATELY HOW MANY YEARS MUST YOU INVEST AT 3 PERCENT COMPOUNDED ANNUALLY TO DOUBLE YOUR INVESTMENT? This question asks you to estimate the doubling time at 3 percent per year. You do NOT need to nd the exact doubling time. State any rule-of-thumb or formula that you utilize to produce your approximate doubling time