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A financial company that advertises on television will pay you $61,000 now for annual payments of $9,400 that you are expected to receive for a legal settlement over the next 11 years

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A financial company that advertises on television will pay you $61,000 now for annual payments of $9,400 that you are expected to receive for a legal settlement over the next 11 years. Assume you estimate the time value of money at 12 percent.

(a) What is the present value?

(Round your answer to the nearest whole number. Omit the comma, period, and "$" sign in your response.)

( b) Would you accept this offer?

My answer: 55,814.37 or 55,814.00 / No

mainly double checking to see if I'm on the right track. If the answers are wrong do you mind explaining why and how you got the answer?

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