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You have just received notification that you have won the $2.1 million first prize in the Centennial Lottery. However, the prize will be awarded on
You have just received notification that you have won the $2.1 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday (assuming you're around to collect), 70 years from now. What is the present value of your windfall if the appropriate discount rate is 11 percent? Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89. Assume the total cost of a college education will be $400,000 when your child enters college in 17 years. You presently have $66,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college eduction? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16
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