Please show how to work out these problems. The answers are listed below.

Calculate the present value of each of the following cash flows at 12%.

$ 4,000 is to be received at the end of each of the next nine semiannual interest periods, plus $ 12,000 to be received at the end of each of the next five semiannual interest periods after that. Interest is compounded semiannually. The present value (PV) of this scenario is $ 57,126.27

b. There are no cash flows to be received at the end of the first six semiannual periods. However, $ 21 comma 000 is to be received at the end of the next five semiannual periods after that (this is known as a deferred annuity with semiannual compounding). The present value (PV) of this scenario is $ 62,360.56 .