Calculate the following Present Value and note the relationships between the Present Value and discount rates and the length of time the payment is received. Please show work/formulas.

8. Case 8: The discount rate remains at 3%; the years invested changes. (2 points)

a)PVA of $100 received each year at 3% for 5 years:

b)PVA of $100 received each year at 3% for 10 years:

c)PVA of $100 received each year at 3% for 15 years:

d)As the length of time the money is received increases, the PVA _________________.