A 15-year annuity of $300 monthly payments begins in 4 years (the first payment is at the end of the first month of year 4, so it's an ordinary annuity). The appropriate discount rate is 5%, compounded monthly.
Explain how you would find the value of this annuity at different points in time between today and 19 years from now.
What is the value today?
What is the value in two years?
What is the value in 6 years?