3. Find the present value of an ordinary annuity with payments of $500 a year for 5 years, if interest rates are 8% compounded semiannually. * a) $1996.36 Ob) $1701.46 $2993.30 O d) $1656.06 e) None of the above 4. You deposit $8,000 in a bank account today. You make another deposit of $14,000 into the account in year one and you make a third deposit of $10,000 in year two. The bank pays interest at 8 percent compounded annually. How much will you have in your account in year 3? * a) $37,207 b) $35,207 c) $39,207 d) $40,502 fta obou 3