11. Calculating Present Values You have just received notification that you have won the $1 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday (assuming youre around to collect), 80 years from now. What is the present value of your windfall if the appropriate discount rate is 8.45 percent?

12. Calculating Future Values Your coin collection contains fifty 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2063, assuming they appreciate at an annual rate of 4.8 percent?

13. Calculating Growth Rates and Future Values In 1895, the first U.S. Open Golf Championship was held. The winners prize money was $150. In 2018, the winners check was $2,160,000. What was the annual percentage increase in the winners check over this period? If the winners prize increases at the same rate, what will it be in 2048?

14. Calculating Rates of Return In 2018, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $573,600. The comic book was originally sold in 1938 for $.10. What was the annual increase in the value of this comic book?

15. Calculating Rates of Return Although appealing to more refined tastes, art as a collectible has not always performed so profitably. During 2010, Deutscher-Menzies sold Arkie under the Shower, a painting by renowned Australian painter Brett Whiteley, at auction for a price of $1,100,000.

19. Calculating Future Values You are scheduled to receive $10,000 in two years. When you receive it, you will invest it for six more years at 7.5 percent per year. How much will you have in eight years?

25. Calculating Present Values You have decided that you want to be a millionaire when you retire in 45 years. If you can earn an annual return of 11.4 percent, how much do you have to invest today? What if you can earn 5.7 percent?