[College: Project Cost-Benefit Analysis Course, Economic Questions] - Can someone please explain the steps on how to complete these problems? Thank you in advance A person dies and leaves an estate of...

[College: Project Cost-Benefit Analysis Course, Economic Questions] - Can someone please explain the steps on how to complete these problems? Thank you in advance

A person dies and leaves an estate of $1,000,000, which is invested and earns 6% per year. Three children, aged 7, 10, and 14, survive the person. At age 18, each child will receive an equal amount from the estate. What is the amount?

A piece of property can be bought for $10,000 cash now, or for $4,000 cash now plus $7,000 cash at the end of 6 years. If money is worth 8% per year, which option is better?