1. Compute the present value of an annuity of $ 667 per year for 22 years, given a discount rate of 9 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t = 1).
2. You just won a contest. The prize is a lump sum payment of $ 84,772 , however, you will not receive this payment for 20 years. Compute the present value of your prize assuming a discount rate of 8 percent per annum.
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