**Answer:**

The difference in the present value is **$988.32**.

**Explanation:**

The difference in the present value can be calculated using the following 3 steps:

**Step 1: Calculation of the present value if you receive these payments at the beginning of each year**

This can be calculated using the formula for calculating the present value (PV) of **annuity due** given as follows:

PVA = P * ((1 - (1 / (1 + r))^n) / r) * (1 + r) .................................. (1)

Where;

PVA = Present value if you receive these payments at the **beginning** of each year = ?

P = Annual payments = $11,100

r = interest rate = 10%, or 0.10

n = number of years = 24

Substitute the values into equation (1), we have:

PVA = $11,100 * ((1 - (1 / (1 + 0.10))^24) / 0.10) * (1 + 0.10)

PVA = $10,871.54

**Step 2: Calculation of the present value if you receive these payments at the end of each year**

This can be calculated using the formula for calculating the present value of an **ordinary annuity** as follows:

PVO = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (2)

Where:

PVO = Present value if you receive these payments at the **end** of each year = ?

Other values are as defined in Step 1 above.

Substitute the values into equation (2), we have:

PVO = $11,100 * ((1 - (1 / (1 + 0.10))^24) / 0.10)

PVO = $9,883.22

**Step 3: Calculation of the difference in the present value**

This can be calculated as follows:

Difference in the present value = PVA - PVO = $10,871.54 - $9,883.22 = $988.32