Hi, I do not understand how to determine the responses to the following questions and if this is TVM.

5-15. If we receive $5,000 eight years from now, how much is that equivalent to today if we believe that we can earn 5 percent on other opportunities?

5-16. If you have $8,500 today and you could earn 3 percent interest per year, how many years would it be before you would accumulate $10,000? Assume annual compounding.