a. What is the present value of a 3-year annuity of $300 if the discount rate is 7% ? Note: 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? Note: Do not round intermediate calculations. Round your final answer to 2 decimal places. Present value An engineer in 1950 was earning $6,400 a year. In 2020, she earned $84,000 a year. However, on average, prices in 2020 were higher than in 1950. What was her real income in 2020 in terms of constant 1950 dollars? Use the data in Table 5.8. Note: Round your answer to 2 decimal places. Real income in 2020