Your new job entitles you to one free $1.61 doughnut each morning. If you expect doughnuts to increase in price by 4.7% per year, and the prevailing annual interest rate is and always will be 10%, then how much do you value this benefit? Assume you expect to live forever (after all, you are consuming one doughnut a day!) and you will work every day (oh dear!). Assume there are 365 days in a year and you have just finished your breakfast.

Hint: When working with very small numbers, use the memory functions of your calculator or use Excel to retain all decimals. Round only at the very end.