Determine the present value of $140,000 to be received at the end of each of four years, using an interest rate of 5%, compounded annually, as follows:

a. By successive computations, using the present value table in Exhibit 4. Round to the nearest whole dollar.

First year $

Second Year $

Third Year $

Fourth Year $

Total present value $

b. By using the present value table in Exhibit 5. Round to the nearest whole dollar. $