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A) In the next 13 years, you will receive $372 at the end of each year. The discount rate is 4.7%. The present value of
A) In the next 13 years, you will receive $372 at the end of each year. The discount rate is 4.7%. The present value of the annuity is ________.
B) You plan to take out a loan of $1,870. The loan contract says that you need to make 2 equal-sized payment at the end of each year, starting a year from now. The annual cash payment is $1,097. The interest must be _______%.
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