An investor is considering an investment that pays a cash flow of $200 annually in perpetuity. The first cash flow is in the 4th year. If the interest rate is 12%, what is the present value of this investment? (round your final answer to the nearest dollar)

What is the present value of a security that will pay $30,000 in 20 years if securities of equal risk pay 5% annually? Assume annual compounding. (round to the nearest dollar and do not include the $ in your answer, e.g., 30,000)