1. You've won the lotto jackpot of $1,000,000. They wnt to pay it to you at $50,000 a year for 20 years. You ask them what kind of discount rate they would use if you wanted a lump sum today instead and tell you 6%. What would your lump sum payment be?
2. Corporate Fund started the year with a net asset value of $14.00. By year-end, its NAV equaled $13.20. The fund paid year-end distributions of income and capital gains of $2.20. What was the rate of return to an investor in the fund? (Round your answer to 2 decimal places.)