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. Jane has won the local lottery and will be receiving $50,000 at the end of each year for the next 10 years. Using a rate of 9% per annum, calculate how much she will accumulate over the next 10 years. Future value of annuity formulae: n

FV. = PMT [(1 + i)”-1/i] ?

b. Sammy has won a lawsuit against a company and has been given the following settlement offers option 1- $5,000 today; option 2- $18,000 in 12 years or 25,000 in 25 years. Assuming that you can earn an interest of 8% per annum, which of the following options should you choose? Show your calculations to support your choice.
Present value formulae: Number of Years (n)]
Present Value = Future Value in Year, (FV) [1/(1+ Annual Interest Rate (1))


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