Investment X offers to pay you $5,900 per year for nine years, whereas Investment Y offers to pay you $8,600 per year for five years.

a. Calculate the present value for Investments X and Y if the discount rate is 4 percent. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

b. Calculate the present value for Investments X and Y if the discount rate is 14 percent. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)