Using the tables in Exhibits 263 and 264, determine the present value of the following cash flows, discounted at an annual rate of 15 percent. (Round "PV factors" to 3 decimal places. Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.)

1. $40,000 to be received 20 years from today.

2. $24,000 to be received annually for 10 years.

3. $16,000 to be received annually for five years, with an additional $20,000 salvage value expected at the end of the fifth year.

4. $30,000 to be received annually for the first three years, followed by $20,000 received annually for the next two years (total of five years in which cash is received).