Don Draper has signed a contract that will pay him $55,000 at the end of each year for the next 6 ​years, plus an additi

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Don Draper has signed a contract that will pay him
$55,000
at the end of each year for the next
6
​years, plus an additional
$120,000
at the end of year
6.
If
7
percent is the appropriate discount​ rate, what is the
present value of this​ contract?
2.  Selma and Patty Bouvier are twins and both work at the
Springfield DMV. Selma and Patty Bouvier decide to save
for​ retirement, which is 35 years away. ​ They'll both
receive an annual return of
8
percent on their investment over the next 35 years. Selma
invests
$2,200
per year at the end of each year only for the first 10 years of
the​ 35-year
period—for
a total of
$22,000
saved. Patty​ doesn't start saving for 10 years and then
saves
$2,200
per year at the end of each year for the remaining 25
years—for
a total of
$55,000
saved. How much will each of them have when
they​ retire?