1. what is the value today of money machine that will pay $150 per year for 6 years? Assume the first payment is made 2 years from today and interest rate is 8%

2. If a money machine will pay you $150 every year for 9 years. The first cash flow will be paid at t=3 and you will receive additional $1000 at the end of the 11 years. What is today's value (t=0) of the money machine? Assume a 12% interest rate.