Al and Sal are twins. Al is given a fourteen-year annuity with end-of-year payments. The...
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Al and Sal are twins. Al is given a fourteen-year annuity with end-of-year payments. The first payment Al receives, precisely one year from the date he is given the annuity, is for $100, and then subsequent payments decrease by 5% annually. Sal is given an n-year level annuity that has the same present value as Al's when the present values are calculated using i = 7%. Again calculated using i = 7%, the accumulated value at the end of n years of Sal's annuity is $1,629.29. Find the common present value of the two annuities. (Round your answer to the nearest cent.) $ Find n. (Round your answer to the nearest integer.) yr n =
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