Sam refuses to retire until his retirement account has a balance of at least $ 300,472 . Sam refuses to make any more deposits in the account. The account currently has a balance of$ 122,416 and earns 6% per year, compounded semi-annually. How long does Sam have before he will retire?

You just won a contest. The prize is a lump sum payment of $82,037 , however, you will not receive this payment for 17 years. Compute the present value of your prize assuming a discount rate of 15 percent per annum.