(Present value of an annuity due)Determine the present value of an annuity due of

$8,000

per year for

8

years discounted back to the present at an annual rate of

12

percent. What would be the present value of this annuity due if it were discounted at an annual rate of

17

percent?

Question content area bottom

Part 1

a.If the annual discount rate is

12

percent, the present value of the annuity due is

$enter your response here.

(Round to the nearest cent.)

Part 2

b.If the annual discount rate is

17

percent, the present value of the annuity due is

$enter your response here.

(Round to the nearest cent.)