Find the following equivalent amounts if the interest rate is 8% compounded annually.
a. The present value of a series of prospective payments, $1,200 a year for 100 years. Answer: $14,993
b. The accumulated value of series of prospective payments, $12 a year for 100 years.
c. The equal series of payments to be paid into a sinking fund to accumulate $1,200,000 in 100 years.
d. The equal series of payments to be made to repay a present amount of $120,000 in 100 years.