Please help understand with steps. Please don't explain in excel or for a calc. Thank you!

or one that pays 5% interest compounded daily? Explain. -5 To find the present value of an uneven series of cash flows, you must find the Pvs of the individual cash flows and then sum them. Annuity procedures can never be of use, even when some of the cash flows constitute an annuity, because the entire series is not an annuity. True or false? Explain