Roxy Botanicals forecasts the following cash flows at the end of each year for a project. If the firm's discount rate is 9%, COMPOUNDED CONTINOUSLY, what is the present value of the project?

Year Cash flow

1 $697,000

2 $631,000

3 $574,000

4 $898,000

5 $9,981,000

a. $8,592,925

b. $8,702,132

c. $8,736,914

d. $8,845,121

Emma Botanicals forecasts the following cash flows at the end of each year for a project. If the firm's discount rate is 9%, COMPOUNDED SEMI-ANNUALLY , what is the present value of the project?

Year Cash flow

1 $697,000

2 $631,000

3 $574,000

4 $898,000

5 $9,981,000

a. $8,666,667

b. $8,678,321

c. $8,736,914

d. $8,123,456

Whats the formula of these question thanks