Calculate the Present Value of Annuity of receiving $5,000 eachyear for the next 12 years with interest rate of 7%. 8 Calculatethe Future Value of Annuity of investing $6,000 each year startingnow for 10 years at 5% interest rate. 9 How much would you paytoday to receive $15,000 in 8 years? Assume a 5% interest rate. 10How much would your CD of $1,000 be worth in 6 years at an interestrate of 4%? 11 How much would you pay today for an investment inwhich you would receive $5,000 each year for the next 7 years?Assume an interest rate of 6%. 12 If you save $10,000 per year for4 years assuming an interest rate of 7%, how much money would youhave? 13 Suppose you win a small lottery. You can receive $9,000now or you can receive $2,100 a year for the next 5 years. Assume6% interest rate. Which method would be the best choice? 14Calculate the effective annual rate of 12% assuming quarterlycompounding