19. Jim has deposited enough money into an account today to enable him to make 12 monthly withdrawals of $1,200 each, starting one month from today, from an account that pays 12% p.a., compounded monthly. How much will he have in this account after the second withdrawal? [$11,365.57] 20. Susan has been working on an advanced technology in laser eye surgery; the technology will be available soon. She anticipates that the first annual cash flow from the new technology will be $200,000 and will be received 2 years from today. Subsequent annual cash flows will grow at a rate of 5% p.a. in perpetuity. What is the present value of this technology if the discount rate is 12%? [$2,551,020.41] 21. Jane wants to save money to pay for her daughter's college education; she estimates that the cost will be $100,000 per year for four years, starting 15 years from today. She wants to accumulate the money by making 12 equal annual deposits into an account that pays 8% p.a., with the first deposit being made one year from today. What must be the amount of each of these 12 deposits? [$14,963.35] 22. You are a partner in Middlesex Construction Company. You and your partners have a disagreement, and they offer to buy you out. They offer you $100,000 per quarter (every 3