1. What is the present value of an annuity in which $200 is paid each year for 5 years, assuming a discount rate of 2% and the first payment is received one year from now? Please round your answer to the nearest cent.
2. What is the present value of an annuity in which $100 is paid each year for 6 years, assuming a discount rate of 4% and the first payment is received one year from now? Please round your answer to the nearest cent.