1. What is the present value of the following stream of cash flow to be received at the end of each year assuming a discount rate of 20%? What is the future value at the end of year 3 assuming an annual interest rate of 20%?

Year 1 : 0

Year 2 : $10,000

Year 3 : $15,000

2. What is the approximative present value of $1,000 to be received each year for 15 years assuming a discount rate of 10%?