A $30,000 bank loan is to be repaid by 30 annual installments of $1,000 payable on the first day of each year beginning one year hence. In addition, interest at 4% is payable on the last day of each year on the principal outstanding at the beginning of the year. At time of issue, the bank establishes a value L for the loan, such that the yield rate is 5 percent annually. Find L.

Suppose life expectancy in years (l) is a function of two inputs, health expenditures (h) and nutrition expenditures (n) in hundreds of dollars per year. the production function is upper l equals ch superscript 0.40 baseline upper n superscript 0.60l=ch0.40n0.60. beginning with c = 1, a health input of $400400 per year (hequals=44) and a nutrition input of $400400 per year (nequals=44), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. the marginal product of health expenditures when h goes from 44 to 55 is nothing, and the marginal product of health when h goes from 66 to 77 is nothing. (round your answers to three decimal places.)