Question 8 1p Juan is the lucky winner of the California state lottery. Lottery company gives him the following two options: (a) Annuity, 30 payments of $1 million per year (starting TODAY), or (b) Lumpsum, $15 million paid TODAY He can save that money in a bank that pays 7% annual rate. How much is the benefit (in today's dollars) if Juan chose option (b)? Enter your answer in millions in the following format: 1.234 or -1.234 Hint: Answer is between -1.55 and -1.912 MMA Moving to another question will save this response Question of 20 uestion 9 1 points You are considering investing in a savings account. You have $15,000 now and you do not anticipate needing that money for 10 years. Banks are paying 7.5% interest rate per year. If you invest, How much money will you have after 10-years? Enter your answer in the following format: 12345.67 Hint: Answer is between 27514.77 and 34625.33 Malwarebytes Anti-Malware Databases Out of Rate Question 10 You want to buy a house in 4 years and expect to need $25,000 for a down payment at that time. Now you have $17,000 to invest? How much interest do you have to earn (compounded annually) to reach your goal? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.0901 and 0.1134 Question 7 Which of the following are TRUE statements regarding the "Time Value of Money"? A. Time has no value. Only money does. DB. A bird in hand is better than two in the bush OC. A dollar received today is worth more than a dollar received in the future OD. People prefer two dollar today to two dollars tomorrow