b. What is the aggregate present value of $500 received at the end of each of the next 3 years, assuming a discount rate of (1) 4 percent? (2)

25 percent?

c. $100 is received at the end of 1 year, $500 at the end of 2 years, and

$1,000 at the end of 3 years. What is the aggregate present value of these receipts, assuming a discount rate of (1) 4 percent? (2) 25 percent?