Problem 7-1 Answer the following time value of money questions assuming the interest rate is 5 percent. a. What is the present value of $600 to be received in four years? b. What is the present value of $600 to be received in eight years? c. What will be the value in seven years of $11,100 invested today? d. How much would you pay for the right to receive $4,100 at the end of year 1, $3,100 at the end of year 2, and $7,100 at the end of year 5? e. How long will it take for a $1,100 investment to double in value? f. What will be the value in 20 years of $900 invested at the end of each year for the next 20 years? Note: Round your answers to 2 decimal places. a. PV b. PV c. FV d. PV e. Number of time f. FV years