You have just received notification that you have won the $1.4 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100^thbirthday, 70 years from now. The appropriate discount rate is 8 percent. What is the present value of your winnings?

$4,288.16

$6,404.20

$15,309.91

$23,333.33

$25,000.00

Some time ago, Julie purchased eleven acres of land costing $15,590. Today, that land is valued at $84,473. How long has she owned this land if the price of the land has been increasing at 6 percent per year?

	28.67 years
	28.51 years
	29.00 years
	28.72 years
	29.13 years