Determine the present value of an annuity due of $4,000 per year for 25 years discounted back to the present at an annual rate of 8 percent. What would be the present value of this annuity due if it were discounted at an annual rate of 13 percent?

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Part 1

a.If the annual discount rate is 8 percent, the present value of the annuity due is

$enter your response here.

(Round to the nearest cent.)

Part 2

b.If the annual discount rate is 13

percent, the present value of the annuity due is

$enter your response here.