(Annuity present value) Calculate the present value of an annuity of $6,500 per year. Assume the discount rate is 7%.
(a) In case of the first cash flow received today and the last one received 3 years from today? (b) In case of the first cash flow received a year from today and the last one received 4 years from today? (c) In case of the first cash flow received two years from today and the last one received 4 years from today?
