The time value of money concept can be applied in various situations and is a fundamentel concept undertying other financial concepts. Consider the following exampie of the application of this concept: Paolo is a divorce attorney who practices law in Chicego. He wants to join the American Divorce Lawyers Association (ADUA), a professional organization for divorce attorneya. The membership dues for the ADLA arn 1650 per year and must be paid at the beginning of each year. For instance, membenhip dues fer the first year are paid today, and dues for the tecond year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime mambership today for 57,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of yeari, but if you remain a member for 40 yearm, it' a great deal. Suppose that the appropriate annual interest rate is 5.97 , What is the minimum number of years that Paolo must remain a member of the ADLA so that the laetime inembership is chepaper fon a prejent yalue basis) than paying $650 in annual membership dues? (Note: Round your answer up to the fearest year.) 13 yeara 14 yean 16 years 21 years In 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the island was about $24 worth of goods, including beads, trinkets, cloth, Kettles, and axe heads. Many people find it laughable that Manhattan Island would be sold for $24, but you need to consider the future value (FV) of that price in more current times. If the $24 purchase price could have been invested at a 4.50% annual interest rate, what is its value as of 2017 ( 391 years later)? $608,274,670.63$715,617,259.56$822,959,848.49$944,614,782.62