1) You got into a car accident and settled out of court for equal payments of $3,000 at the end of each year for the next nine years. If the annual interest rate stays constant at 7%, what is the value of these payments in todays dollars? (Note: Round your answer to the nearest whole dollar.)

$24,433

$16,614

$20,914

$19,546

2) You found out that now you are going to receive payments of $9,500 for the next 12 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 12%. What is the present value of these payments? (Note: Round your answer to the nearest whole dollar.)

$65,909

$52,727

$58,847

$88,977