13. Suppose that there is a series of payments, each yielding 2500, which occur every year. The first payment arrives three years from today. Which of the following statements is correct?

    1. a) If the payments go on forever, and an appropriate interest rate for discounting is 3%, the present value of the payment stream is between 82000 and 84000.

    2. b) If the payments go on forever, and an appropriate interest rate for discounting is 7%, the present value of the payment stream is between 32000 and 34000.

    3. c) If there are exactly 20 payments, i.e. the last payments arrives 22 years from today, and an appropriate interest rate for discounting is 3%, the present value of the payment stream is between 36000 and 38000.

    4. d) If there are exactly 20 payments, i.e. the last payment arrives 22 years from today, and an appropriate interest rate for discounting is 5%, the present value of the payment stream is between 30000 and 32000.