Tracy won a scholarship which pays $55,000$ per year for the next three $3$ years bepinning a year from today. What is the present value of the schoiarship using a discount rate of $7\%?$

Jason will receive $$8,500$ a year for the next $15$ years. Assuming an interest rate of $7\%,$ calculate the present value of the future payments if first recelpt occurs today?