Annuity Present Values What is the present value of an annuity of $5,500 per year with the first cash flow received three years from today and the last one received 25 years from today? Use a discount rate of 8 percent. Annuity Present Values What is the value today of a 15-year annuity that pays $900 a year? The annuity's first payment occurs six years from today. The annual interest rate is 11 percent for Years 1 through 5, and 13 percent thereafter