2. Havana, Inc., has identied an investment project with the following cash ows. If the discount rate is 8 percent for the first 2 years and 4% for the years after year 2, what is the future value of these cash ows in Year 4? What is the future value of the cash flows in year 10? What is the present value of the cash flows?

Year	Cash Flow
1	$1,075
2	$1,235
3	$1,510
4	$1,965