12. Present value of annuities

You have a partnership stake in a business that pays you equal payments of $2,000 at the end of each year for the next six years. If the annual interest rate stays constant at 8%, what is the value of these payments in todays dollars? Round your answer to the nearest whole dollar.

$9,246

$11,558

$9,986

$7,859

You found out that now you are going to receive payments of $5,500 for the next 13 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 16%. What is the present value of these payments? Round your answer to the nearest whole dollar.

$46,013

$27,267

$34,084

$29,383