Evans Ltd. is now considering the possibility of offering a lifetime membership option to its subscribers. Under this proposal, subscribers could receive the monthly newsletter throughout their lives

Evans Ltd. is now considering the possibility of offering a lifetime membership option to its subscribers. Under this proposal, subscribers could receive the monthly newsletter throughout their lives by paying a flat fee of $1,200. The one-year subscription rate of $90 would continue to apply to new and existing subscribers who choose to subscribe on an annual basis. Assume that the average age of Evans Ltd.’s current subscribers is 38 and their average life expectancy is 78 years. Evans Ltd.’s average interest rate on long-term debt is 10%.

c-1. Using the information given, calculate the present value of a lifetime membership for an average. (Round PV factors to 4 decimal places and final answer to 2 decimal places.)

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