Determine the present value of $50,000 to be received at the end of each of four years, using an interest rate of 6%, compounded annually, as follows:
a. By successive computations, using the present value table in Exhibit 3.

b. By using the present value table in Exhibit4.

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Periods 5% 51/2% 6% 5%% 7% 10% 11% 12% 13% 14% 0.95238 0.94787 0.94340 0.93897 0.93458 0.90909 0.90090 0.89286 0.88496 0.87719 2 090703 089845 089000 0.38166 0.87344 0,82645 0.81162 0.79719 0.8315 0.947 3 0.86384 0.85161 0.83962 0.82785 0.81630 0.75132 0.73119 0.71178 0.69305 0.67497 4 082270 0.80722 0.79209 0.77732 0.76290 0.68301 0.65873 0.63552 0.61332 0.59208 5 0.78353 0.76513 0.74726 0.72988 0.71299 0.62092 0.59345 0.56743 0.54276 0.51937 6 0.74622 0.72525 0.70496 0.68533 0.66634 0.56447 0.53464 0.50663 0.48032 045559 7 0.71068 0.68744 0.66506 0.64351 0.62275 0.51316 0.48166 045235 0.42506 0.39964 8 0.67684 0.65160 0.62741 0.60423 0.58201 0.46651 0.43393 0.40388 0.37616 0.35056 9 0.64461 0.61763 0.59190 0.56735 0.54393 0.42410 0.39092 0.36061 0.33288 0.30751 10 0.61391 0.58543 055840 0.53273 0.50835 0.38554 0.35218 0.32197 0.29459 0.26974 Periods 5% 6% 6½% 7% 10% 11% 12% 13% 14% 0.94340 0.93897 0.93458 090909 10.95238 0.94787 0.90090 0.892860.88496 0.87719 2 185941 1.84632 1.83339 1.82063 1.80802 1.73554 1.71252 1.69005 1.66810 1.64666 3 2.72325 2.69793 2.67301 2.64848 2.62432 2.48685 2.44371 2.40183 2.36115 2.32163 4 3.54595 3.50515 3.46511 3.42580 338721 3.16987 3.10245 3.03735 297447 291371 5 432948 4.27028 4.21236 4.15568 4.10020 3.79079 3.69590 3.604783.51723 343308 6 5.07569 4.99553 4.91732 4.84101 4.76654 435526 4.23054 4.11141 3.99755 3.88857 7 5.78637 5.68297 5.58238 5.48452 5.38929 4.86842 4.71220 4.56376 442261 4.28830 8 6.46321 6.33457 6.20979 6.08875 5.97130 5.33493 5.14612 4.96764 4.79677 4.63886 9 710782 6.95220 6.80169 6.65610 6.51523 5.75902 5.53705 5.32825 5.13166 4.94637 10 7.72174 7.53763 7.36009 7.18883 7:02358 6.14457 5.88923 5.65022 5.42624 5.21612