This problem demonstrates the dependence of the present value of an annuity on the discount rate. For an ordinary annuity consisting of 20 annual payments of $2,100, calculate the present value using an annually compounded discount rate of: (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. 4% b. 9% c. 10% d. 14% 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