A $10-$year annuity of twenty $$11,000$ semiannual payments will begin $9$ years from now, with the first payment coming $9\mathrm{.}5$ years from now.

a$.$ If the discount rate is $14$ percent compounded monthly, what is the value of this annuity $4$ years from now?

Value at Year $4$

b$.$ What is the current value of the annuity?

Value today