According to the Census Bureau, in October 2016, the average house price in the United States was $28,958. 7 years earlier, the average price was $22,508. What was the annual increase in the price of the average house sold?

• 3.30%

• 4.03%

• -3.54%

• 3.67%

• 4.40%

Imprudential, Inc., has an unfunded pension liability of $600 million that must be paid in 24 years. To assess the value of the firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 8.0 percent, what is the present value of this liability?

• $96,511,994

• $87,050,034

• $92,727,210

• $94,619,602

• $107,343,999

You have just received notification that you have won the $3.5 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday (assuming you're around to collect), 67 years from now. What is the present value of your windfall if the appropriate discount rate is 7 percent?

• $96,616.82

• $38,366.76

• $36,862.18

• $37,614.47

• $34,605.31