(1) a. Barry Deep died at age 35 while working at a construction site and the company he was working for accidently poured concrete into a zone in which he was working. His widow went to see a lawyer to see what would be reasonable compensation to her and her two children now, given this tragedy they faced. The lawyer pointed out that often the courts use the lifetime value of the earnings of the deceased to determine some compensation in these cases — and negligence can also be added. Barryâs salary at the time was $60,000 and was expected to grow at 6% annually based on historic wage data in this occupation. Using a 10% discount rate (and ignoring the lawyerâs fee) and an assumed retirement at age 67, how much compensation should Barryâs family receive for the value of his lifetime earnings?b. Suppose the courts allowed a 7% discount rate to be used. How much compensation should the Deep family receive?
Barry Deep died at age 35 while working at a construction
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