onsider a $15-$year annuity of $$7000$ per year. Payments are made at the end of

each year. The discount rate is $9$ percent.

a$.$ What is its present value?

b$.$ What is its present value if interest rates fall to $6$ percent?

c$.$ What is its future value at the end of $15$ years, assuming reinvestment of the

payments and r$=8\%?$