4. Frank will receive $1,000,000 in 23 years from a fund his parents have established to help him in his retirement years. His friends are very jealous of him. If the funds are discounted back at a rate of 8 percent, what is the present value of his future pot of gold"? 5. Dr. Arrowhead will receive $150,000 per year for the next 20 years as an ordinary annuity payment for a high-tech slingshot weapon he invented. If a 6 percent rate is applied, should he be willing to sell out his future rights now for $2,000,000? 6. Your grandfather has offered you a choice of one of the three following alternatives: I. $50,000 now OR II. $7,000 a year for 10 years OR III. $100,000 at the end of 10 years. Assuming you could earn 6 percent annually, which alternative should you choose? If you could earn 9 percent annually, would you still choose the same alternative? (NOTE: This problem could be solved using PV or FV calculations. For this problem, you are instructed to do PV calculations)