A 20-year annuity of forty $4,000 semiannual payments will begin 8 years from now, with the first payment coming 8.5 years from now.

Required :
(a)	If the discount rate is 14 percent compounded monthly, what is the value of this annuity 4 years from now?
	(Click to select) 4,577.82 29,838.69 34,294.86 52,068.72 29,241.91

(b)	What is the current value of the annuity?
	(Click to select) 17,099.47 16,757.48 2,623.38 52,068.72 18,331.89