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1) You have just received notification that you have won the $1.6 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. If the appropriate discount rate is 7 percent, the present value of your windfall is $____ (Need steps of the solutions)

2) At 10 percent interest, it would take __years to double your money, and __years to quadruple it. (Round your answers to 2 decimal places. (e.g., 32.16)) (need details and steps of the solutions)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92743928

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