There is a strong, positive association
FV value of the amount using future value annuity will be:
FV=P[(1+r)^n-1]/r
FV=2460[(1+0.01175)^18-1]/(0.01175)
FV=48,992.23
The present value of this amount will be:
PV=pe^(-rt)
PV=48992.23e^(-0.0235*9)
PV=39,652.81
I can't read all the question but my guess is by half.