1. Calculate the present value of an investment that regularly pays $60,000 per year for 21 years at 5 percent assuming that the first payment is made after 4 years.
2. Assume you are planning to invest $3,000 each year for five years at 10% per annum. Determine the future value of this annuity if your first $3,000 is invested at the end of the first year.
3. Jim Ltd has contracted an interest-only loan. It must repay the principal of $500000 in 6 years' time. How much must it invest at the end of the year to have exactly $500000 put aside if funds earn 6%?