1. If you expect to receive $20,000 each year for three years starting in one year, and your opportunity cost is 3.5%, how much is it worth today?

2. Suppose you plan to invest in a financial asset that will pay a $50 every year for the life of the company. You dont expect the annual payment to ever grow, and similar financial assets have a 10% required rate of return. How much should the financial asset be worth today?

3. Suppose you plan to invest in a different utility stock that will pay a $50 dividend for the life of the company. You expect the dividend to grow (g) by 1% per year, and similar stocks have a 6% required rate of return. How much should the stock be worth today?