13. A company has revenues of $9,860,000 and pre-tax income of $147,000. Taxes are $40,425. Calculate the average tax rate. 14. Calculate the present value in dollars if the future value is 45,000 ( is the symbol for the Euro), the exchange rate is $1.11/, the time frame is 10 years and the interest rate is 7%. 15. Calculate the payback period for an investment with an initial investment of ($600,000), cash flow in year 1 of $100,000, cash flow in year 2 = $250,000 and cash flow in year 3 of $350,000