1. -1 points An 7-year annuity due has a present value of $1,600. If the effective annual interest rate is 7%, then what is the value of the periodic payment Answer = $ (round your answer to 2 decimal places.) 2. -1 points A 10-year annuity due has a future value of $1,700. If the effective annual interest rate is 9%, then what is the value of the periodic payment? Answer = $ (round your answer to 2 decimal places.)