1) Sam I Am invests $51,000 today at 13% per annum, compounded quarterly. What will the balance of Sam's investment be in 8 years? (Round your answer to the nearest penny.)

2) You just purchased a parcel of land for $109,000. To earn a 10% annual rate of return on your investment, how much must you sell the land for in 5 years? Assume annual compounding. (Round to nearest penny, e.g. 1234.56)

3) What is the present value of the following set of cash flows if the discount rate is 15.3%? (the cash flows occur at the end of each period) (round answer to nearest penny and enter in the following format 12345.67) Year 0 cash flow = -2600 (a negative cash flow) Year 1 cash flow = 1400 Year 2 cash flow = 700 Year 3 cash flow = 600 Year 4 cash flow = 1000