For the next two questions, assume you receive $1200 annually forever. Assume the effective annual discount rate is 20%. Determine the present value given the following assumptions.

9. You receive the first payment in six months, with subsequent payments made every 12 months.

A. $5,500 B. $5,700 C. $6,200 D. $6,600 E. $7,000

10. You receive the first payment one year from today, but you receive $600 every six months.

A. $5,500 B. $5,700 C. $6,200 D. $6,600 E. $7,000

Can anyone help me solve this using formulas not excel?