1.A payment schedule requires 20 payments of $10,000, the first payment to be made 15 years from today. Assuming a discount rate of 10%, what

is the present value of this series of payments?

1b.Assume the payment schedule in problem 1 changes as follows:

.the payment 17 years from today is waived, and

.a payment of $20,000 is made 18 years from today.

Assuming a discount rate of 10%, what is the present value of this series

of payments?