SOLVE AS SOON AS WITH FORMULA The prize in last year's Vegas raffle was estimated to be worth $100 million. If you were lucky enough to win, the state will pay you $4.50 million per year over the next 12 years. Assume that the first installment is received at the end of the year.

a) If interest rates are 9.65% percent compounded quarterly, what is the present value of the prize?

b) If interest rates are 9.65% percent compounded quarterly, what is the future value after 12 years?

c) How would your answers change if the payments were received at the beginning of the year?