A local bank advertises the following deal: "Pay us $100 at the end of each year for 11 years and then we will pay you (or your beneficiaries) $100 at the end of each year forever." a. Calculate the present value of your payments to the bank if the interest rate is 7.75%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) (8) Answer is complete but not entirely correct. \begin{tabular}{llll} \hline Present valun & 5 & 72270 & 8 \\ \hline \end{tabular} b. What is the present value of a $100 perpetuity deferred for 11 years if the interest rate is 7.75%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Present valive \&s 1,20032 *