Please show all your work. For each question- Draw the time line, write the formula and show what you plugged into the excel formula to get the answer.

i. Present value of an annuity of monthly payments of $100 starting 1 year from now, and lasting for 5 years (60 payments) with an APR of 6% per year with monthly compounding.

j. Present value of a growth perpetuity that starts 7 years from today, with the first payment of $1,000, a growth rate of 1% per year, and a required rate of return of 9% per year.