An annuity consists of 40 payments of $500 each made at intervals of 3 months. Interest is atj1= 4.5%. Determine the value of this annuity at each of the following times:

(a) 3 months before the time of the first payment;

(b) at the time of the last payment;

(c) at the time of the first payment;

(d) 3 months after the last payment;

(e) 4 years and 3 months before the first payment.