Use the Present Value of $1 table to determine the present value of $1 received one year from now. Assume an 8% interest rate. Use the same table to find the present value of $1 received two years from now Continue this process for a total of five years. Round to three decimal places. (Click the icon to view Present Value of $1 table.) Read the requirements Requirement 1. What is the fofal present value of the cash flows received over the five-year period? Calculate the total present value of $1 received each year. (Round to three decimal places, XXXXXX) One year from now Two years from now Three years from now Four years from now Five years from now Total present value Present Value Requirement 2. Could you characterize this stream of cash flows as an annuity? Why or why not? The stream of cash flows an annuity because it is a stream of cash payments made at time intervals Requirement 3. Use the Present Value of Ordinary Annuity of $1 table to determine the present value of the same stream of cash flows. Compare your results to your answer to Requirement 1. (Round to three decimal places, XXXX) (Click the icon to view Present Value of Ordinary Annuity of $1 table:). The present value of an annuity of $1 received each year for five years, at 8% per year is The sum of the present values in Requirement 1 the present value calculated with the Present Value of Ordinary Annuity of $1 table