(a) Find the future value at the end of year 3 of the following stream of cash flows received at the beginning of each year, assuming the firm can earn 8 percent on its investments. Show your workings. [FV=t=1NPVi(1+r)t] Answer: (b) Joie is planning to attend 4-year college when she graduates from high school 7 years from now. She anticipates that she will need $10,000 at the beginning of each college year to pay for tuition and fees, and have some spending money. Joie has made an arrangement with her father to do the household chores if her dad deposits $3,500 at the end of each year for the next 7 years in a bank account paying 8 percent interest. Will there be enough money in the account for Joie to pay for her college expenses? Assume the rate of interest stays at 8 percent during the college years. [PV=PMT[r1((1+ri)1)]]:[FV=PMT[r(1+r)t1]]