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Sam retires today at the age of 63 and invests his life savings into an account that is guaranteed to earn 4.98% per year. Sam

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Sam retires today at the age of 63 and invests his life savings into an account that is guaranteed to earn 4.98% per year. Sam expects to live to the age of 88, withdraw $0.079mln from the account at the end of each year, and leave his heirs $1.153min (this amount will be the account balance at the time of his death). How much is Sam putting in the account today, in $ million? Round to the nearest $0.001 million. E.g., if your answer is $1,234,758, record it as 1.235. Question 4 of 5 3 Points How much would you be willing to pay for a preferred stock that pays $6.4 annually to perpetuity if the appropriate discount rate is 6.81%7 Round to the nearest $0.01. No $ symbol in the answer please

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