You have a partnership stake in a business that pays you equal payments of $1,500 at the end of each year for the next seven years. If the annual interest rate stays constant at 9%, what is the value of these payments in todays dollars? Round your answer to the nearest whole dollar.

$9,438

$7,550

$6,418

$8,230

You found out that now you are going to receive payments of $8,000 for the next 16 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 10%. What is the present value of these payments? Round your answer to the nearest whole dollar.

$55,079

$92,946

$68,849

$62,590