20. (Present value of an ordinary annuity) You have asked your banker for a loan and stated that you are willing to repay the loan with annual end-of-year payments of $1,500. Your banker responded by informing you that the interest rate would be 12%. How much can you borrow if the loan is for a period of:

a. 2 years?

b. 5 years?

c. 7 years?

d. 10 years?