Goldman Investments has offered you the following investment opportunity: $7,000 at the end of each year for the first 4 years. $5,500 at the end of each year from year 5 through 11. How much would you be willing to pay for this investment if you require a 10% rate of return?

$33,067.88

$40,477.63

$48,841.34

$37,701.13

Continued from the question above, if the payments were received at the beginning of each year, what would you be willing to pay for this investment?

$44,525.40

$38,028.07

$47,471.24

$56,167.54