A 5-year annuity of ten $7,000 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.

Required :
(a)	If the discount rate is 7 percent compounded monthly, what is the value of this annuity 5 years from now?
	(Click to select) 58,065.59 43,920.74 20,163.99 43,042.33 47,095.78

(b)	What is the current value of the annuity?
	(Click to select) 32,082.22 30,362.27 14,223.78 30,981.91 58,065.59