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You are serving on a jury. A plaintiff is suing the city for injuries sustained after a...

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Finance

You areserving on a jury. A plaintiff is suing the city for injuriessustained after a freak street sweeper accident. In the trial,doctors testified that it will be five years before the plaintiffis able to return to work. The jury has already decided in favor ofthe plaintiff. You are the foreperson of the jury and propose thatthe jury give the plaintiff an award to cover the following: (a)The present value of two years’ back pay. The plaintiff’s annualsalary for the last two years would have been $43,000 and $46,000,respectively. (b) The present value of five years’ future salary.You assume the salary will be $51,000 per year. (c) $150,000 forpain and suffering. (d) $20,000 for court costs.
Assume thatthe salary payments are equal amounts paid at the end of eachmonth. If the interest rate you choose is an EAR of 6.5 percent,what is the size of the settlement?

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