An annuity consists of quarterly payments of $950 for 8 years and 9 months. Discounting at 8%

Question:

An annuity consists of quarterly payments of $950 for 8 years and 9 months. Discounting at 8% compounded quarterly, determine the present value of the annuity if the payments are made:
a. At the end of each quarter?
b. At the beginning of each quarter?
c. By what percentage does the answer to Part (b) exceed the answer to Part (a)?

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