David set up a TDA (tax deferred annuity) for retirement. He arranged to have $140.00 taken out of his biweekly checks ; it will earn 9 7/8% interest.

David set up a TDA (tax deferred annuity) for retirement.  He arranged to have $140.00 taken out of his biweekly checks ; it will earn 9 7/8% interest . He just had his 29 th birthday and his ordinary annuity comes to term when he is 65 (round answer to the nearest cent)

a. Find the present value of the given annuity?

b. Interpret the present value of the given annuity

You would have to invest a lump sum of $___________now instead of the $140.00 biweekely