1) You got into a car accident and settled out of court for equal payments of $1,000 at the end of each year for the next ten years. If the annual interest rate stays constant at 9%, what is the value of these payments in todays dollars? Round your answer to the nearest whole dollar.

$6,996

$6,418

$5,455

$8,023

2) You found out that now you are going to receive payments of $5,500 for the next 11 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 11%. What is the present value of these payments? Round your answer to the nearest whole dollar.

$30,313

$51,153

$37,891

$34,136