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What is the prize worth to today if can earn eight percent

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Problem 1: Your grandmother has promised to give you $100 every three months for four years, with the first payment occurring three months from today. How much is this gift worth to you today at a discount rate of 3.8 percent, compounded quarterly?

A. $1,129.07

B. $1,633.25

C. $1,660.80

D. $1,477.84

E. $1,479.32

Problem 2: You just won the lottery! As your prize you will receive $1,500 a month for 100 months starting at the end of this month. If you can earn 8 percent, compounded monthly, what is this prize worth to you today?

A. $64,647.53

B. $65,940.48

C. $109,953.46

D. $109,225.29

E. $118,741.48

Reference no: EM132958124

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