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Time value of money and rate of interest

Question 1. How much would you accept in lump sum today, in place of a lottery payment of $50,000 at the end of each of 20 years. ($1.000,000 in total), assuming you could invest it at an 8% rate?

Question 2. What will be the value in 20 years of $5,000 contributed at the end of each year into an IRA (individual retirement account) which pays 8%?

Question 3. What should you be willing to pay today for a contract to receive $50,000 in 10 years assuming an 8% interest rate?

Question 4. What rate of interest am I paying if my monthly payment is $400.00 on a $15,000 loan to be paid off in 4 years?

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## Q : Discuss change in formulation or production

Ensure a change in formulation or production introduces no significant change in the end product or service.