What is the present value of a security that will pay $6,000 in 20 years if securities of equal risk pay 8% annually? Do not round intermediate calculations. Round your answer to the nearest cent.

$ __________

You have $51,961.86 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $270,000. You expect to earn 10% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number.

__________ years

What's the future value of an 11%, 5-year ordinary annuity that pays $400 each year? If this was an annuity due, what would its future value be? Do not round intermediate calculations. Round your answers to the nearest cent.

Future Value of an Ordinary Annuity: $

Future Value of an Annuity Due: $