At the reading of the will, you learn that your inheritance will allow you to receive the amount of $470 at the end of each year for a total of 11 consecutive years. However, because of your young age, these amounts will not begin until the end of 3 years. If the interest rate is 9%, what is the equivalent present value of the inheritance?

Place your answer to the nearest dollar amount. DO NOT USE A DOLLAR SIGN OR A COMMA IN YOUR ANSWER. Work your analysis using at least four decimal places of accuracy.

b. Hossein has a goal of accumulating $481 at the time of his future retirement date. He has today placed $275 in a retirement account that will earn an interest rate of 7% each year. How long will Hossein need to wait (in years and in fractions of a year to at least 2 decimal places) before he can retire?

Your answer must be in years and percent of a year using at least two decimal places. For example, the answer of 5 and one-third years should be placed as 5.33. Work your analysis using at least four decimal places of accuracy.