1. How much will you have in an account set up for your son at the end of 6 years, if you have $9,500 to invest today at 5 percent interest compounded annually? Amount in the account at the end of 3 years:
2. Play-2-Win is the latest lottery game in your country, and you happen to be the latest winner of $10.5 million. Your government has a guarantee on the funds and will not be paid before 3 years from today. You can however sell your claim today at a rate of 8 percent for a lump sum cash payment.
What is the least amount you will sell your claim? Least amount for claim: