Uoyd is a divorce attorney who practices law in Florida. He wants to foin the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $550 per year and must be paid at the beginning of each year, For instance. membership dues for the first year are paid 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 sfetime membership today for $7,000 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 years, but if you remain a member for 40 years, it's a great deat: Suppose that the appropriate annual interest rate is 5.9%. What is the minimum number of years that Loyd must remain a member of the ADLA so that the fifetime membership is cheaper (on a present value basis) than paying $650 in annual membership dues? (Note: Round your answer up to the nearest year.) 16 years 14 years 21 yeats 13years Tn 1626, Dutchiman Peter Minust purchased Manhattan island from a local Native Mmenican tribe. Histerians estinato that the price he paid for the uland was about $24 worth of ooods, including beads, trinhets, doch, kettles, and axe heads, Macy people find it lacohabie that Manhattan island would be wold for $24, but you need to consider the future value (FV) of that price in more current times. It the $24 purchase price could have been invisted at a 4.5% annual interest rate, what is its value as of 2018 ( 392 years later)? in 1626, Dutchman Peter Minuit purchased Manhattan Island from a local Native American tribe. Historians estimate that the price he paid for the Isiand was about $24 worth of poods, Induding beads, trinkets, doth, 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 inverted at a 4.5% annual interest rate, what is its value as of 2018{392 years later)? $747,820,036,24 5937,122,447,84 {625,547,030.80 1859,093,041.68