1. You won a lottery that will make equal payments of $1,000 at the end of each year for the next six years. If the annual interest rate stays constant at 8%, what is the value of these payments in todays dollars? Round your answer to the nearest whole dollar.

$4,993

$3,930

$4,623

$5,779

2. You found out that now you are going to receive payments of $7,000 for the next 13 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 16%. What is the present value of these payments? Round your answer to the nearest whole dollar.

$58,562

$37,396

$34,703

$43,379