You have the opportunity to invest in several annuities. Which of the following 10-year annuities has the greatest present value (PV)? Assume that all annuities earn the same positive interest rate.

A. An annuity that pays $500 at the end of every six months

B. An annuity that pays $1,000 at the end of each year

C. An annuity that pays $500 at the beginning of every six months

D. An annuity that pays $1,000 at the beginning of each year

An ordinary annuity selling at $4,947.11 today promises to make equal payments at the end of each year for the next eight years (N). If the annuitys appropriate interest rate (I) remains at 6.50% during this time, the annual annuity payment (PMT) will be .________

You just won the lottery. Congratulations! The jackpot is $35,000,000, paid in eight equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won ______ assuming annual interest rate of 6.50%.