20. Interest tables illustrate that 1. a dollar received today is worth more than a dollar to be received tomorrow 2. the present value of an annuity of $100 at 15% is worth more than an annuity of $100 at 12% 3. "discounting the future at a high rate" places emphasis on the present a. 1 and 2 b. 1 and 3 c. 2 and 3 d. 1, 2, and 3

21. Which is the largest if interest rates are 10%? a. present value of $100 after five years b. present value of $100 annuity for five years c. future value of $100 annuity for five years d. future value of $100 after five years

22. Which is smallest if interest rates are 10%? a. present value of $100 annuity for five years b. future value of $100 annuity for five years

c. present value of $100 after five years d. $100 received right now

23. The present value of an annuity due a. is less than the present value of an ordinary annuity b. is greater than the present value of an ordinary annuity c. is less than the cost of the annuity d. is greater than the cost of the annuity