(Future value of an ordinary annuity) What is the future value of $500 per year for 8 years compounded annually at 9 percent? The future value of $500 per year for 8 years compounded annually at 9 percent is $ (Round to the nearest cent.) Related to Checkpoint 6.2 ) (Present value of an ordinary annuity) What is the present value of $3,500 per year for 9 years discounted back to the present at 9 percent? The present value of $3,500 per year for 9 years discounted back to the present at 9 percent is $ (Round to the nearest cent.)