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

9

percent. What would be the present value of this annuity due if it were discounted at an annual rate of

14

percent?

a.If the annual discount rate is

9

percent, the present value of the annuity due is

$nothing.

(Round to the nearest cent.)

b.If the annual discount rate is

14

percent, the present value of the annuity due is

$nothing.

(Round to the nearest cent.)