Which of the following functions of money would be violated if inflation were high?

Under the Bretton Woods system, U.S. dollars were redeemable for ________ only if the dollars were presented by a foreign central bank

A) silver B) gold C) foreign currency D) U.S. Treasury bonds

Suppose you hit a progressive jackpot on a 25-cent Fortunemaker slot machine in a casino in Las Vegas and are given the choice of the following prizes:

Prize 1: $200,000 to be received right away, with four additional payments of $200,000 to be received each year for the next four years. Prize 2: $750,000 to be received right away. If the interest rate is 3 percent, what is the present value of each prize?