1. Dr. Phillips invested in a mint condition 1952 Mickey Mantle Topps baseball card. He spent $19,000 to acquire it. He expects the card to increase in value 12 percent per year for the next 11 years. How much will this card be worth after 11 years? Calculate your final answer using the formula and financial calculator methods.
2. Dr. Phillips has written a new song. She will receive $28,500 for the next 8 years as a payment. Calculate your final answer using the formula and financial calculator methods. a. What is the present value of these payments if the discount rate is 13 percent.