1.)For all the parts to this problem, let the annual discount rate be 3%. Find the present value of the following cashflow: receive $13,240 every year for 20 years with the first payment being 45 years from now. (2pts)

2.)

Consider a stimulus program that intends to spend $300 billion every year, for three years. Assuming a 3% discount rate, a) what is the present value of the program?

b) how much would the present value increase if the $300 billion were spent at the beginning of each year rather than at the end?