Compute the present value of a one-time payment of $1,000 paid in four years using the following discount rates:

1.0% in year 1, 2.0% in year 2, 4% in year 3, 3% in year 4

PV = ___________

If the present value of an ordinary, 10 year annuity is $20,000 and interest rates are 5%, what is the present value of an annuity due with the same length of life, present values and interest rate?

PV: ___________