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1. You invest $3000 a year for three years at 12%. What is the future value? 2. What is the present value of $20,000 to be received in 5 years discounted at 10%? 3. Phil Bob will receive $19,000 a year for the next 10 years as a payment of new song he has written. If a 10% rate is applied, should he willing to sell his future right now for $100,000.? 4. If you owe $40, 000 payable at the end of seven years, what amount should your creditor accept in payment immediately if he could earn 12% on his money? 5. Define sinking fund 6. Define Annity, ordinary annuity, annuity due, and deferred annuity