Calculate the present value of the following:

a-1.	Annual payment of $1,000 for 10 years at 5% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value

$

a-2.	Annual payment of $800 for 15 years at 5% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value

$

a-3.

Which option would you prefer?

	$1,000 a year for 10 years
	$800 a year for 15 years

b-1.	Annual payment of $1,000 for 10 years at 20% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value

$

b-2.	Annual payment of $800 for 15 years at 20% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present value

$

b-3.

Which option would you prefer?

	$1,000 a year for 10 years
	$800 a year for 15 years