1. An investment offers $6,100 per year for 15 years, with the first payment occurring one year from now. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit $ sign in your response.)

If the required return is 6%, what is the value of the investment?

Present value $

What would the value be if the payments occurred for 40 years?

Present value $

What would the value be if the payments occurred for 75 years?

Present value $

What would the value be if the payments occurred forever?

Present value $

2.

One of your customers is delinquent on his accounts payable balance. Youve mutually agreed to a repayment schedule of $560 per month. You will charge 1.5% per month interest on the overdue balance.

If the current balance is $16,600, how long will it take for the account to be paid off? (Do not round intermediate calculations. Ensure to round up the final answer to the nearest whole number.)

Months for account to be paid off months