$2\mathrm{.}76$ You borrowed $$4,000$ to finance your educational expenses at the beginning of

your junior year of college at an interest rate of $9\%$ compounded annually. You

are required to pay off the loan with five equal annual installments, but the first

payment will be deferred until your graduation. Determine the value of $C,$ the

amount of annual payments.

$2\mathrm{.}77$ Consider the following cash flow series at varying interest rates. What is the

equivalent present worth of the cash flow series?