(Calculating the present value of an ordinary annuity) (Related to Checkpoint 6.2 on page 199) Calculate the present value of the following annuities.

a. £350 a year for 12 years discounted back to the present at 7 percent.

b. €260 a year for 5 years discounted back to the present at 8 percent.

c. $3,000 a year for 8 years discounted back to the present at 6 percent.

d. £60 a year for 3 years discounted back to the present at 10 percent.