1. What is the present value of $92 received at the beginning of each year for the next 9 years? The first payment will be received today, and the annual interest rate is 7.98% compounded annually. Please round your answer to the second decimal without dollar sign. e.g. 1.11
Please explian step by step.
2. You just won the lottery, which promises you $990,000 per year for the next 20 years. You receive the first payment today (hint: annuity due). If your discount rate is 9.75%, what is the present value of your winnings? Please include calculator insturctructions as well.