What is the value today of a 15-year annuity that pays $750 a year? The annuitys first

Question:

What is the value today of a 15-year annuity that pays $750 a year? The annuity’s first payment occurs 6 years from today. The discount rate is 8 percent for Years 1 through 5 and 11 percent thereafter.

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,... Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...

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