Present Value and Multiple Cash Flows. Investment X offers to pay you $3, 400 years- whereas Investment Y offers to pay you $5, 200 per year for five years. Which of these cash flow streams has the higher present value if the discount rate is 6 percent? If the discount rate is 22 percent? Future Value and Multiple Cash Flows. Booker. Inc., has identified an investment project with the following cash flows. If the discount rate is 8 percent, what is the future value of these cash flows in Year 4? What is the future value at an interest rate of 11 percent? At 24 percent? Calculating Annuity Present Values. An investment offers $5, 450 per year for 15 years, with the first payment occurring one year from now. If the required return is 8 percent, what is the value of the investment? What would the value be if the payments occurred for 40 years? For 75 years? Forever? Calculating Annuity Cash Flows. For each of the following annuities, calculate the annual cash flow