Time Value of Money Based on the questions, write down the formula and specify numbers in the formula.  assuming the interest rate is 9 percent. 

1.1 What is the present value of $25,000 to be received in five years?

1.2 What will be the value in nine years of $12,000 invested today? 

1.3 An investment costs $1,500,000 today and promises a single payment of $15,000,000 in 23 years. What is the IRR on this investment? 

1.4 What is the present value of $5,000 to be received at the end of each the next 15 years if the discount rate is 10%? 

1.5 A share of preferred stock promises an annual dividend of $15 forever and sells for $280. What is IRR?