Saul Cervantes has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of the next five years: $12,160, $8,960, $9,125, $12,790, and $11,790. If the appropriate discount rate is 11.550 percent, what is the cost in todays dollars of the equipment Saul purchased today?

Dynamics Telecommunications Corp. has made an investment in another company that will guarantee it a cash flow of $22,000 each year for the next five years. If the company uses a discount rate of 20 percent on its investments, what is the present value of this investment?