Question 9 (1 point) Grandma Esther is starting an investment for her newborn grandson. She places $1000 at the beginning of each year into an account for 20 years. Each subsequent payment is 5% larger than the previous payment. If the investment account earns 3% annual effective interest, calculate the present value at time 0 in her grandson's account. a) 24,626.00 b) 23,453.33 c) 25,364.78 d) 24,156.93 e) 22,336.51 Question 10 (1 point) You are given the following spot rates. Year Spot Rate 1 4% 2 5% 3 6% 4 3% 5 7% 6 9% 7 5% Calculate the 5-year forward rate. a) 16.1% b) 19.6% O c) 21.0% O d) 24.6% O e) -16.1%