1) You have been offered the opportunity to invest in a project that will pay $5,405 per year at the end of years one through three and $7,463 per year at the end of years four and five. These cash flows will be placed in a saving account that pays 19.52 percent per year. What is the future value of this cash flow pattern at the end of year five?

2) What is the present value of the following annuity?

$3,173 every quarter year at the end of the quarter for the next 13 years, discounted back to the present at 16.94 percent per year, compounded quarterly?