The present value of Mary Bailey's pension is $104,238. She receives two checks of $5,000 each...

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The present value of Mary Bailey's pension is $104,238. She receives two checks of $5,000 each year- one on January 1 and the other on July 1. a. If the annual interest is 8%, how many years will she be able to receive those checks? b. If she would like to receive the checks for 22 years, how much would each check be? Relevant Information Annual Interest Rate Periods Per Year Number of Years Needed Information Answer: Present Value Future Value Payment Rate Number of Periods Additional Calculations (if needed) a 8.000% 2 22.88573053 $104,238.00 $0.00 $5,000.00 4.00% 45.77146105 b 8.000% 2 22 $104,238.00 $0.00 $5,072.69 4.00% 44 PV FV PMT RATE NPER The present value of Mary Bailey's pension is $104,238. She receives two checks of $5,000 each year- one on January 1 and the other on July 1. a. If the annual interest is 8%, how many years will she be able to receive those checks? b. If she would like to receive the checks for 22 years, how much would each check be? Relevant Information Annual Interest Rate Periods Per Year Number of Years Needed Information Answer: Present Value Future Value Payment Rate Number of Periods Additional Calculations (if needed) a 8.000% 2 22.88573053 $104,238.00 $0.00 $5,000.00 4.00% 45.77146105 b 8.000% 2 22 $104,238.00 $0.00 $5,072.69 4.00% 44 PV FV PMT RATE NPER

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