1. Calculate the present value of an annuity of $3,900 for four years, assuming an opportunity cost of 10%.
2. To buy his favorite car, Larry is planning to accumulate money by investing his Christmas bonuses for the next five years in a financial instrument that pays him a 10% annual return. The car will cost him $20,000 at the end of the fifth year and Larry's annual Christmas bonuses are $3,000. 
3. Will Larry be able to accumulate enough money to buy the car?

Use the corresponding formulas.