Suppose that you will receive annual payments of $$13,500$ for a period of $10$ years. The first payment will be made $10$ years from now. If the interest rate is $7\%,$ what is the present value of this stream of payments? I now have $$10,000$ in the bank earning interest of $1\mathrm{.}00\%$ per month. I need $$20,000$ to make a down payment on a house. I can save an additional $$100$ per month. How long will it take me to accumulate the $$20,000?$