QUESTION 15 Sam was injured in an accident, and the insurance company has offered him the choice of $38,618 per year for 16 years. with the first payment being made today, or a lump sum. If a fair return is 10.08%, how large must the lump sum be to leave him as well off financially as with the annuity? QUESTION 16 In going through some old papers, you find an account statement that shows a current balance of $1,565,133. The papers also show that the account has earned an annually compounded rate of return of 11.1%, and you know that the account was originally opened with a deposit of $6,642. Assuming that no other deposits have been made to the account since the original deposit, how long ago fin years) was the account opened? State your answer to the nearest year. QUESTION 17 What annual payment must you receive in order to earn a 9.2% rate of return on a perpetuity that has a cost of $12.665