This problem demonstrates the dependence of the present value of an annuity on the discount rate. For an ordinary annuity consisting of 25 annual payments of $1,400, calculate the present value using an annually compounded discount rate of intermediate calculations and round your final answers to 2 decimal places.) a. 5.4% $ b. 10.4% $ c. 11.4% $ d. 15.4% $ Observe that the present value decreases as you increase the discount rate. However, the present value decreases proportionately less than the increase in the discount rate