Mu$$strame c$$mo resolver received in $25$ rather than $20$ years.

c$.$ On the basis of your findings in parts a and b$,$ discuss the effect of both the size of the rate of return and the time until receipt of payment on the present value of a future sum.

a$.(1)$ The least you will sell your claim for if you can earn a rate of return of $8\%$ during the $20-$year period is $$$

enter your response here.