20. What is the present value of a lump-sum of $2,300 to be received in 5 years? Assume a discount rate of 3.6% compounded annually (round your answer to the nearest whole number).

21. A bank offers you a(n) 7.8% interest on a loan compounded quarterly. What is your effective annual rate (EAR)? (Provide your answer in percentage with two decimal points.)

22. Consider the series of uneven cash flows in the following table.

Year	Cash Flow
1	380
2	220
3	280

What would be the future value of the cash flows if the discount rate is 6%? (Round your answer to the nearest whole number.)