20. Present Value Calculations (Annuities). For each of the following independent scenarios calculate the present value of the cash flow described. Round to the nearest dollar.

1. $1,000 will be received at the end of each year for 6 years. The rate is 12 percent.

2. $1,000 will be received at the end of each year for 6 years. The rate is 15 percent.

3. $10,000 will be received at the end of each year for 6 years. The rate is 7 percent.

4. $250,000 will be received at the end of each year for 4 years. The rate is 10 percent.