You won a lottery that will make equal payments of $3,500 at the end of each year for the next eight 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.

$24,215

$19,372

$21,115

$16,466

You found out that now you are going to receive payments of $7,000 for the next 14 years. You will receive these payments at the beginning of each year. The annual interest rate will remain constant at 14%. What is the present value of these payments? Round your answer to the nearest whole dollar.

$38,318

$42,015

$47,897

$64,661