P1) Your goal is to be able to withdraw $4,300 for each of the next seven years beginning one year from today. The return on the investment is expected to be 10%. The amount that needs to be invested today is closest to:

A) 20,934

B) 28,974

C) 37,328

D) 30,100

P2) On January 1, 2014, Woodstock, Inc. purchased a machine costing $35,100. Woodstock also paid $1,100 for transportation and installation. The expected useful life of the machine is 5 years and the residual value is $5,200. How much is the annual depreciation expense assuming use of the straight-line depreciation method?

A) 7,020

B) 7,240

C) 4,983

D) 6,200