Cash flow at year 0 is 1000. Cash flows grow at 10% from years 1 to year 5, then grow at 7% from years 6 to 11, then grow at 3% from year 12 to infinity. The discount rate is 8%.

a) What is the present value at year 0 of cash flows from years 1 to 5?

b) What is the present value at year 0 of cash flows from years 6 to 11?

c) What is the present value at year 0 of cash flows from year 12 to infinity?

d) What is the present value at year 0 of all future cash flows?