1.If the present value of an ordinary, 8-year annuity is $5,500 and interest rates are 8.0 percent, whats the present value of the same annuity due?

2. Assume that you contribute $340 per month to a retirement plan for 25 years. Then you are able to increase the contribution to $540 per month for the next 25 years. Given a 7.2 percent interest rate, what is the value of your retirement plan after the 50 years?