1) a. For each of the following annuities, calculate the present value. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Present Value	Annuity Payment	Interest Rate		Years
	$1,560	5	%	7
	$1,280	10		9
	$20,000	8		18
	$53,200	14		28

1) b.

For each of the following annuities, calculate the annual cash flow: (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Cash Flow	Present Value	Interest Rate		Years
	$15,000	11	%	6
	$21,400	7		8
	$145,300	8		15
	$325,000	6		20