In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $28,000 and the interest rate is 12.25%, the borrower "pays" 0.1225 $28,000 = $3,430 immediately, thereby receiving net funds of $24,570 and repaying $28,000 in a year. A.What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 22.25%?(Do not round intermediate calculations. Round your answer to 2 decimal places.) B.What is the present value of a 3-year annuity of $220 if the discount rate is 6%? (Do not round intermediate calculations. Round your answer to 2 decimal places.) C. What is the present value of the annuity in (a) if you have to wait 2 years instead of 1 year for the first payment? (Round your intermediate and final answers to 2 decimal places.)