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1. What is the present value of a series of payments received each year for 8 years, starting with $500 paid one year from now and the payment growing in each subsequent year by 2%? Assume a discount rate of 5%. Please round your answer to the nearest cent.

2. Alex bought a 10-year annuity-immediate with annual payments of 10,000 under an annual rate of 8%. Six years into the future, right after receiving the 6th payment from the annuity, the market interest rate fell down to 4%, so she then decided to immediately sell all of her future earnings at the new market interest rate. Find her annual yield rate.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92714896

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