14. More on the time value of money Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $800 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are pald today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $8,500 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 years, but if you remain a member for 40 years, its a great deal. Suppose that the appropriate annual interest rate is 7.6%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $800 in annual membership dues7 (Note: Round your answer up to the nearest year d 19 years In 1525, Dutchman tinot parchas Manhattan island from a localitative American tribe. Historians estimate that the price and for me Island was about $24th ot good including beads, trinkets, doth, kettles, and we teada. Many people indit luchable that Mattad would be sold to $24. but you need to consider the future value of that price in more current times. If the 32 purchase and have been Invested annual interest at what is its value as of 2012 (7386 years later? 007 12014