1. You will receive annual payments of $10,000 at the end of each year for 15 years. The first payment will be received in year 5. What is the present value of these payments if the discount rate is 11%?
A: $42,674.31
B: $45,604.67
C: $47,368.49
D: $51,001.68
2. What is the present value of $1,200 received at the end of each year for 8 years starting in year 4 and ending in year 11 if the rate is 10%?
A: $4,242.04
B: $4,809.85
C: $3,975.08
D: $5,474.24