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Time value and discount rates Personal Finance Problem. You just won a lotiery that promises to pay you $600,000 exactly 10 years from today. A company approaches you today, offering cash in exchanoe for your winging btipn ficket. cesh in exchange for your winning lotiory ficket. a. What is the least you will sell your daim for if you can eam the following rates of retum on similar-risk investments during the 10 -year period? (1) 7% (2) 11% (3) 15% b. Rework part a under the assumpsion that the $600,000 payment wil be received in 15 mather than 10 years. c. On the basis of your findings in parts a and b, discuss the eflect of both the size of the rete of retum and the fime 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 eam a rate of retum of 7% durng the 10-year period is 4 (Round to the nearest cent.) (2) The least you wil sell your daim for if you can eam a rete of retum of 11\% during the 10-year period is 5 (Round to the nearest cent) (3) The loast you wil sel your claim for 4 you can earn a fate of return of 15% doring the 10-year period is 4 (Round to the nearest cent.) b. (1) The least you will sel your claim lor I you can eam a rate of reham of 7% during the 15 -year penod is 4 (Round to the nearest cent.) (2) The least you will sell your dain for if you can eam a rate of retum of 11\% during the 15-year period is 3 (Round to the nearent cent) (3) The least you wit soll your claim for i you can eam a rave of return of 15% during the 15 year period is 4 (Round to the nearest cent.) (Rhou c. On the basis of your findings in parts a and b, discuss the eflect of both the sire of the rate of retum and the tme until recept of poyment on the present value of a future sum. (5elect the best answer below.) A. As the Escount rate increases, the present value becomes smaller. Nwo, the longer the time unti the lotery poyment is collected, the smaller the present value due fo the greater fime over which the opportanity cost apples 8. As the diccunt rate increases, the presen value becomes largec. Noo, the longer the time unu the lotiery payment is collected, the smaler the peasent value due to the areaser time over which the opportunity cost applies. c. As the discount rate increases, the present value becomes smales. Nhe, the shorier the tme uns the lotery payment is colected the smater the present value due to the greater time ever which the opportunily cest apples. D. As the discount rate increases, the present value becomes smalier. Nho, the longer the time unsl the lotery payment is collected, the greater the present vatue dise to the grealar tine