You have a partnership stake in a business that pays you equal payments of $1,000 at the end of each year for the next ten years.

If the annual interest rate stays constant at 5%, what is the value of these payments in todays dollars? (Note: Round your answer to the nearest whole dollar.)

$7,722

$6,564

$9,653

$8,108

You found out that now you are going to receive payments of $8,000 for the next 11 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 12%.

What is the present value of these payments? (Note: Round your answer to the nearest whole dollar.)

$42,562

$53,202

$47,502

$71,823