Present value of an annuity Determine the present value of $150,000 to be received at the end of each of 4 years, using an interest rate of 6%, compounded annually, as follows: a. By successive computations, using the present value of $1 table in Exhibit 5 . Round to the nearest whole dollar. b. By using the present value of an annuity of $1 table in Exhibit 7. Round to the nearest whole dollar. c. Why is the present value of the four $150,000 cash receipts less than the $600,000 to be received in the future? The present value is less due to over the 4 years