3. Calculate the present value of an annuity of $1,000 per month for 5 years (i.e., 60 months). The first cash flow occurs in one month from today. The relevant interest rate is 16% APR with quarterly compounding. 4. You are 25 years old and decide to save $6,000 per year with the first deposit in one year from now. You will make your last deposit in 35 years from now when you retire at age 60. The interest rate is 5% per year. During retirement, you plan to withdraw funds from the account at the end of each year - your first withdrawal will be at age 61. What constant amount will you be able to withdraw each year if you want the funds to last until you turn 95