1. Calculate the present value of 4,000 due in 8.75 years' time, assuming the following effective interest rates: (i) (ii) 0.5% per annum for time between 0 and 5 years'; 0.25% per month for time between 5 and 6.5 years'; 2% per half-year for time after 6.5 years'. [5 marks]