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5. What is the present value of a 3-year annuity of $220 if the discount rate is 6%? (Do not roundintermediate calculations. Round your answer to 2 decimal places.)Present value$ b.What is the present value of the annuity in (a) if you have to wait an additional year for the firstpayment? (Do not round intermediate calculations. Round your final answer to 2 decimalplaces.)Present value$ 6. Your landscaping company can lease a truck for $8,400 a year (paid at year-end) for 7 years. It can instead buy the truck for $44,000. The truck will be valueless after 7 years. The interest rate your company can earn on its funds is 8%.a.What is the cost of leasing? (Do not round intermediate calculations. Round your answer to 2 decimal places.)Present value of lease $ b.Is it cheaper to buy or lease?BuyLease7. How much will $100 grow to if invested at a continuously compounded interest rate of 9.5% for 8