A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is 10 percent compounded monthly for the first seven years, and 6 percent compounded monthly thereafter, what is the PV of the annuity? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Present value $

2.

You have your choice of two investment accounts. Investment A is a 14-year annuity that features end-of-month $1,700 payments and has an interest rate of 9.1 percent compounded monthly. Investment B is an 8.6 percent continuously compounded lump-sum investment, also good for 14 years.

How much money would you need to invest in B today for it to be worth as much as Investment A 14 years from now? (Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.)

Amount needed $