4 This problem demonstrates the dependence of the present value of an annuity on the discount rate. For an ordinary annuity consisting of 20 annual payments of $1,800, calculate the present value using an annually compounded discount rate of: (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. 3.7% 2 points $ ta b. 8.7% eBook ta $ Print c. 9.7% References ta d. 13.7% ta Observe that the present value decreases as you increase the discount rate. However, the present value decreases proportionately less than the increase in the discount rate