1. Find the present value of a ten-year annuity which pays $600 at the beginning of each quarter for the first 5 years, and then $500 at the beginning of each quarter for the remaining years. The annual effective interest rate is 5%. Round your answer to two decimal places.

2. A bank makes payments continuously at a rate of $260 per year. The payments are made between times 6 and 9 (measured in years). Find the present value of these payments at time 2 using an annual effective rate of discount of 6%. Round your answer to two decimal places.

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