Slick Eckel recently set up a TDA to save for his retirement. He arranged to have $110 taken out of each of his biweekly checks; it will earn 9 7/8% interest. He just had his twenty-ninth birthday, and his ordinary annuity comes to term when he is 65. (Round your answers to the nearest cent.) (a) Find the present value of the given annuity. $___ (b) Interpret the present value of the given annuity. You would have to invest a lump sum of $ ___ now instead of $110 biweekly.