value: 10.00 points This problem demonstrates the dependence of the present value of an annuity on the discount rate. For an ordinary annuity consisting of 25 annual payments of $2600, calculate the present value using an annually compounded discount rate of: (Do not round intermediate calculations and round your answers to 2 decimal places.) a. 4.5% b. 9.5% c. 10.5% d. 14.5% Observe that the present value decreases as you increase the discount rate. However, the present value decreases proportionately less than the increase in the discount rate