Determine the present value of an annuity due of $1,000 per year for 10 years discounted back

Question:

Determine the present value of an due of $1,000 per year for 10 years discounted back to the present at an annual rate of 10 percent. What would be the present value of this due if it were discounted at an annual rate of 15 percent?

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...