# Question

A contract calls for annual payments of $600. Find the present value of the contract, assuming

(1) The number of payments is 7 and the current interest rate is 6 percent,

(2) The number of payments is 14 and the current interest rate is 6 percent,

(3) The number of payments is 7 and the current interest rate is 8 percent,

(4) The number of payments is 14 and the current interest rate is 8 percent.

(1) The number of payments is 7 and the current interest rate is 6 percent,

(2) The number of payments is 14 and the current interest rate is 6 percent,

(3) The number of payments is 7 and the current interest rate is 8 percent,

(4) The number of payments is 14 and the current interest rate is 8 percent.

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