2 questions can you please answer both You will receive annual payments of $4,00

Question

2 questions can you please answer both

You will receive annual payments of $4,000 at the end of each year for ten years. The first payment will be received in year 3. What is the present value of these payments if the discount rate is 9 percent?

Select one:

a. $25,670.63

b. $27,176.56

c. $19,882.44

d. $21,606.46

e. $23,551.04

A credit card has an APR of 14.9 percent and charges interest monthly. The effective annual rate on this account:

Select one:

a. can either be greater than or equal to 14.9 percent.

b. will be less than 14.9 percent.

c. will be greater than 14.9 percent.

d. can either be less than or equal to 14.9 percent.

e. will equal 14.9 percent.

Explanation / Answer

c. $19,882.44

c. will be greater than 14.9 percent.

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