1. What is the present value of $2,000 to be received at the end of each year in perpetuity? Assume a discount rate of 8%. Round to the nearest dollar.

2. You expect to receive 10 annual cash flows of $8,000 each followed by a single payment of $17,000 at the end of year 11. If the discount rate is 8%, what is the present value of this combined annuity? Round to the nearest dollar.

3. Consider a deferred annuity with 13 annual payments of $2,000 starting at the end of year 3. If the discount rate is 9%, what is the present value of this deferred annuity? Round to the nearest dollar.