Direction: Solve the following problems. Show a neat, complete, and orderly solution. Round off your answers into two (2) decimal places.

PROBLEM 1: Determine the present worth of an annual payment of P 4500.00: 1. If made at the beginning of the year for 12 years at 8% compounded annually. 2. If made at the end of each month for 5 years at 4% compounded monthly. 3. If 15 payments start at the end of year 4 at 6% compounded annually.