How much would you have to invest today to receive the following? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

1) $8,000 each year for 14 years at 8 percent. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

2) $55,000 each year for 20 years at 14 percent. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

PV=FV[(1+i)n1] Appendix B (concluded) Present value of $1 PVA=A[1(1+i)n1] Appendix D (conduded) Present value of an annuity of $1