--Suppose that one year from now you will receive $650. At the end of each of the next four years you will receive a payment that is 4% bigger than the prior payment. Following year five you will receive a payment at the end of every year that is 4% larger than the prior payment. If the cost of capital is 7% what is the this stream of cash -flows worth today?

--Suppose that you will need to save $550000 over the next twenty years to retire comfortably. What constant annual payment (20 payments) will you need to make to save this amount if the you can earn 10% annually?

--What constant payment for the next 10 years (starting 1 year from now, 10 payments) would be equivalent to receiving $400 every other year starting 10 years from now. Assume the annual cost of capital is 8%.