1. What is the present value of $2,925 per year, at a discount rate of 8 percent, if the first payment is received 10 years from now and the last payment is received 23 years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.).
2. You want to endow a scholarship that will pay $ 8 comma 000$8,000 per year? forever, starting one year from now. If the? school's endowment discount rate is 4 %4%?, what amount must you donate to endow the? scholarship? How would your answer change if you endow it? now, but it makes the first award to a student 10 years from? today?