1. Your prize for winning a contest is $17,037, but you must wait 1 year to receive the money. If you personal discount rate is 14%, what is the present value of the prize? Rounding: penny.
2. The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600.
3. Pacific Telecom is proud of a customer retention rate of 88%. A cautious firm, its corporate discount rate is a high 13%. Calculate the margin multiple for Pacific Telecom. Rounding: 2 decimal places.