25. You have come across the following investment opportunity: 2,000 at the end of each year for the first 5 years plus 3,000 at the end of each year from years 6 through 9 plus 5,000 at the end of each year from years 10 through 15.

(a) How much will you be willing to pay for this investment if your required rate of return is 14 per cent?

(b) What will be your answer if payments are received at the beginning of each year? 26. You have borrowed a car loan of $50,000 from your employer. The loan requires 10 per cent interest and five equal end-of-year payments. Prepare a loan amortisation schedule.