Calculate the present value of the following annuity streams: (LG 2-9)

a. $5,000 received each year for 5 years on the last day of each year if your investments pay 4.25 percent compounded annually.

b. $5,000 received each quarter for 5 years on the last day of each quarter if your investments pay 4.25 percent compounded quarterly.

c. $5,000 received each year for 5 years on the first day of each year if your investments pay 4.25 percent compounded annually.

d. $5,000 received each quarter for 5 years on the first day of each quarter if your investments pay 4.25 percent compounded quarterly.