oProficient-level: "What is the present value of a $800 annuity payment over six years if interest rates are 10 percent?" (Cornett, Adair, & Nofsinger, 2016).

oRecalculate the present value at 9 percent interest, and again, at 11 percent interest.

oDistinguished-level: Describe the relationship between changes in interest rates and the ensuing changes in present values.