Problem $5-2$ Present Value and Multiple Cash Flows $[$LO $1]$

Investment $x$ offers to pay you $$6,500$ per year for $9$ years, whereas Investment $Y$ offers to pay you $$8,900$ per year for $5$ years.

a$.$ If the discount rate is $5$ percent, what is the present value of these cash flows?

Note: Do not round intermediate calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ If the discount rate is $23$ percent, what is tre present value of these cash flows?

Note: Do not round intermediate calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

$\backslash$table$[[$a$.$ Present value of Investment $x$ at $5$ percent,$],[$Present value of Investment $Y$ at $5$ percent,$],[$b$.$ Present value of Investment $x$ at $23$ percent,$],[$Present value of Investment $Y$ at $23$ percent$]]$