8. You have received a windfall from an investment you made in a friends business. She will be paying you $39,500 at the end of this year, $98,000 at the end of next year, and $150,600 at the end of the year after that (three years from today). The interest rate is 7.8% per year.

a. What is the present value of your windfall?

b. What is the future value of your windfall in three years (on the date of the last payment)?