1. Brian Lee borrowed some money from his friend and promised to repay him $1,250, $1,380, $1,500, $1,600, and $1,600 over the next five years. If the friend normally discounts investment cash flows at 7.0 percent annually, how much did Brian borrow? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.)

2. Mark Harris has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $10,760, $7,520, $9,920, $12,490, and $11,920. If the appropriate discount rate is 6.385 percent, what is the cost in todays dollars of the equipment Mark purchased today? (Round answer to 2 decimal places, e.g. 15.25. Do not round factor values.)