24. A 10-year annuity pays $1,600 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for first Six years and 7 percent compounded monthly thereafter.

What is the present value of the annuity?

a. $1,533,343.05

b. $125,223.02

c. $155,579.28

d. $127,778.59

e. $130,334.16

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27. What is the future value of $500 in 23 years assuming an interest rate of 13 percent compounded semiannually?

a. $8,605.49

b. $8,313.31

c. $642.18

d. $9,058.41

e. $755.78