What is the present value of an annuity of $120 received at the end of each year for 11 years?
Assume a discount rate of 7%. The first payment will be received one year from today (round to
nearest $1).
A) $570 B) $900 C) $400 D) $250
B
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Mary, an illegal immigrant, orally agrees to pay Michael $10,000 for him to marry her so
that she can stay in the country. If Michael sues to enforce the promise, which of the following will be TRUE? A) Michael will not be able to enforce the agreement unless he can show that he has performed his side of the bargain B) The agreement is unenforceable C) The agreement is fully enforceable D) The agreement will only be enforceable if Michael can use independent witnesses to prove the existence of the contract. E) As the agreement was made orally it is not enforceable.