You are scheduled to receive annual payments of $10,800 for each of the next 20 years. Your discount rate is 7 percent. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?
$11,556
$10,800
$10,632
$8,009
$8,518
What is the future value of $1,170 a year for 5 years at a 7 percent rate of interest?
$9,023.31
$6,728.36
$9,311.31
$6,259.50
$3,440.10