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a. What is the present value of a 3-year annuity of $100 if the discount rate is 6%? (Do not round intermediate calculations. Round your

a. What is the present value of a 3-year annuity of $100 if the discount rate is 6%? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value $

b. What is the present value of the annuity in (a) if you have to wait 2 years instead of 1 year for the first payment? (Round your intermediate and final answers to 2 decimal places.) Present value $

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