Question: You are offered a special set of annuities by your insurance company, whereby you will receive $20,000 a year for the next 10 years and $30,000 a year for the following 10 years. How much would you be willing to pay for these annuities, if your discount rate is 9% and the annuities are paid at the end of each year? How much would you be willing to pay if they were at the beginning of each year?