Business, 05.05.2020 16:51 portielesc

Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA). The membership dues for the ADLA are $750 per year and must be paid at the beginning of each year. However, the ADLA also has an option for members to buy a lifetime membership today for $8,000 and never have to pay annual membership dues.

Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it's a great deal. Suppose that the appropriate interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $750 in annual membership dues?

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Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawy...

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