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2. An annuity pays you $100 at the end of each of the next 10 years. If the discount rate is 5%, we want to

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2. An annuity pays you $100 at the end of each of the next 10 years. If the discount rate is 5%, we want to know how much the annuity's value is today. Calculate the present value in two ways: (a) as a sum of 10 present values, and (b) using the PVIFA (annuity present value) formula. Do the two methods give the same answer? (Round your calculated present value to the whole dollar.)

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