Question: Please answer the following questions: a) What is the present value today of a 20-year annuity, beginning in 5 years, of $1,000 per payment if

Please answer the following questions:

a) What is the present value today of a 20-year annuity, beginning in 5 years, of $1,000 per payment if the discount rate is 10%?

b) What is the present value today of a 20-year growing annuity if first payment is $1,000 and each successive payment grows at 5%? Assume the discount rate is 10% and the first payment is 7 year from now?

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