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24. A 10-year annuity pays $1,600 per month, and payments are made at the end of...

24. A 10-year annuity pays $1,600 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for first Six years and 7 percent compounded monthly thereafter.
What is the present value of the annuity?
a. $1,533,343.05
b. $125,223.02
c. $155,579.28
d. $127,778.59
e. $130,334.16
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27. What is the future value of $500 in 23 years assuming an interest rate of 13 percent compounded semiannually?
a. $8,605.49
b. $8,313.31
c. $642.18
d. $9,058.41
e. $755.78
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