(Related to Checkpoint 5.4) (Present value) Ronen Consulting has just realized an accounting error that has resulted in an unfunded liability of $390,000 due in 26 years. In other words, they will need $390,000 in 26 years. Toni Flanders, the company's CEO, is scrambling to discount the liability to the present to assist in valuing the firm's stock. If the appropriate discount rate is 7 percent, what is the present value of the liability? If the appropriate discount rate is 7 percent, the present value of the $390,000 liability due in 26 years is $ (Round to the nearest cent.) (Related to Checkpoint 5.5) (Solving for n ) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $350,000 Rolls-Royce Phantom. Jack currently has $37,330 that he may invest. He has found a mutual fund with an expected annual return of 5.5 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation. The number of years it will take for Jack to win Jill's hand in marriage is years. (Round to one decimal place.) (Related to Checkpoint 5.6) (Solving for i) Kirk Van Houten, who has been married for 22 years, would like to buy his wife an expensive diamond ring with a platinum setting on their 30 -year wedding anniversary. Assume that the cost of the ring will be $11,000 in 8 years. Kirk currently has $4,505 to invest. What annual rate of return must Kirk earn on his investment to accumulate enough money to pay for the ring? The annual rate of return Kirk must earn on his investment to accumulate enough money to pay for the ring is %. (Round to two decimal places.) (Solving for n with non-annual periods) Approximately how many years would it take for an investment to grow fourfold if it were invested at 18 percent compounded weekly? Assume that you invest $1 today. If you invest $1 at 18 percent compounded weekly, about how many years would it take for your investment to grow fourfold to $4 ? (Hint: Remember to convert your calculator solution to years.) years (Round to one decimal place.)