Question: Please answer both questions QUESTION 6 Anna elects to receive her retirement benefit over thirty years at the rate of $2,000 per month beginning one

Please answer both questions QUESTION 6 Anna elects to receive her retirement Please answer both questions

QUESTION 6 Anna elects to receive her retirement benefit over thirty years at the rate of $2,000 per month beginning one month from now. The monthly benefit increases by 5% each year. The annual nominal interest rate is 9% convertible monthly. Calculate the lump sum at the end of the first year equivalent to the first twelve payments of $2,000. Round your final answer to 5 decimal places. QUESTION 7 Anna elects to receive her retirement benefit over 20 years at the rate of $2,000 per month beginning one month from now. The monthly benefit increases by 5% each year. The annual nominal interest rate is 9% convertible monthly. Calculate the present value of this retirement benefit. Round your final answer to the nearest cent

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