Investment X offers to pay you $4,700 per year for 9 years, whereas Investment Y offers to pay you $6,400 per year for 5 years. Requirement 1: (a) If the discount rate is 8 percent, what is the...

Investment X offers to pay you $4,700 per year for 9 years, whereas Investment Y offers to pay you $6,400 per year for 5 years.
Requirement 1:
(a)
If the discount rate is 8 percent, what is the present value of these cash flows? (Enter rounded answers as directed, but do
not use rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16).)

Present value
Investment X $
Investment Y $
(b) Which of these cash flow streams has the higher present value at 8 percent?

(Click to select) Investment Y Investment X
Discount rate = 8%
Investment X cash flows:
CF1 = $4,700
CF2 = $4,700
CF3 = $4,700
CF4 = $4,700
CF5 = $4,700
CF6 = $4,700
CF7 = $4,700
CF8 = $4,700
CF9 = $4,700
Present value of cash flows:
$4,700 / (1+8%)^1 + $4,700 / (1+8%)^2 + $4,700 / (1+8%)^3 + $4,700 / (1+8%)^4 + $4,700 /...