4) What is the present value of a 15 -year annuity where payments of $10,000 are made semiannually if the discount rate is 3% ? 5) What is the present value of an annuity that pays $7,000 a year for year 1 , then escalates by 10% for each of the next six years if the discount rate is 7% ? 6) What is the present value of a 12-year annuity that includes an upfront payment of $30,000 and annual payments of $16,000 ? The discount rate is 6%. 7) What is the present value of the annuity above if the payments were $4,000 quarterly instead of $16,000 annually? 8) What is the value of an annuity that includes annual payments of $15,000,000 for 5 years and a balloon payment of $40,000,000 received in 10 years? The interest rate is 4%. 9) If an organization wanted to raise $18,000,000 over the next six years, how much would it need to raise annually to hit its goal if the interest rate is 6% ? 10) What would the total nominal cost be to finance $5,000,000 for the installation of a new section of bleachers if payments were arranged over 10 year period at 4% interest