Problem:
A 7-year annuity of fourteen $12,200 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.
Required:
Question 1: If the discount rate is 13 percent compounded monthly, what is the value of this annuity five years from now?
Question 2: If the discount rate is 13 percent compounded monthly, what is the value three years from now?
Question 3: If the discount rate is 13 percent compounded monthly, what is the current value of the annuity?
Note: Please show guided help with steps and answer.