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You have just received notification that you have won the $3 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100 th birthday (assuming you're around to collect), 60 years from now. What is the present value of your windfall if the appropriate discount rate is 10 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) You are scheduled to receive $14,000 in two years. When you receive it, you will invest it for eight more years at 9.5 percent per year. How much will you have in ten years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Assume the total cost of a college education will be $300,000 when your child enters college in 18 years. You presently have $63,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) You're trying to save to buy a new $204,000 Ferrari. You have $54,000 today that can be invested at your bank. The bank pays 6.2 percent annual interest on its accounts. How long will it be before you have enough to buy the car? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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