A retirement benefit over twenty years at the rate of fifteen hundreds per month will beginning one month from now. The monthly benefit increases by 5% each year. At a nominal interest rate of 6% convertible monthly, calculate the present value of the retirement benetu. Possible Answers 280,400 3 284.950 C 314.445 D 425,195 E 488,447 You are given the following table of spot rates: Time Spot Rate 11 3.196 12 3.3% 13 3.896 14.296 S 4.7% Lillian enters into a deferred swap with settlement at the end of the year. She wants to swap the floating interest rates for a fixed interest rate during the third and fourth year. Given a notional amount of 100,000 in years 3 and 4, determine the deferred swap rate. Possible Answers A 3.9% B 4.1% C4.394 D 4.9% E 5.1%