M12-14. Time Value of Money: Basics Using the equations and tables in Appendix 12A of this chapter, determine the answers to each of the following independent situations: a. The future value in three years of $8,900 invested today in a certificate of deposit with interest compounded annually at 6%. b. The present value of $12,000 to be received in five years, discounted at 6%. c. The present value of an annuity of $25,000 per year for four years discounted at 8%. d. An initial investment of $66,200 is to be returned in six equal annual payments. Determine the amount of each payment if the interest rate is 10%. e. A proposed investment will provide cash flows of $10,000, $7,500, and $5,000 at the end of Years 1, 2, and 3, respectively. Using a discount rate of 14%, determine the present value of these cash flows. f. Find the present value of an investment that will pay $15,000 at the end of Years 8, 9, and 10. Use a discount rate of 16%,