For these problems use a discount rate of 10%.

1. What would be the value of an asset that returns a cash flow of $100 one year from now and then has that cash flow continue each year forever growing at a rate of 5% per year?

2. What would be the value of an asset that returns a cash flow of $100 in each of the next five years starting one year from now and $200 per year forever starting in year six?

3. What would be the value of an asset that returns a cash flow of $100 in each of the next five years starting one year from now then continue forever starting in year six growing at 5% each year?