resent value of an annuity.           For each of the cases shown in the following table, calculate the present value of the annuity, assuming that the annuity cash flows occur at the end of each year.

            Case              Amount of annuity       Interest rate           Period

                                                                                                            (years)

             A                        $  12,000                          7%                        3

            B                         55,000                        12                       15

            C                              700                        20                        9

            D                       140,000                         5                         7

            E                         22,500                        10                        5