What constant amount invested at the end of each year at a 13% annual interest rate will beworth$40,000 at the end of five years?

3.Your father will convey a property to you in 15 years. If the property is expected to be worth $600,000 when you receive it, what is the present value of the property? Your discount rate is10%.

4.What is the presentvalueof $600 received for the next four years and $2,500 received at the end of the fifth year if your required return is6%?

5.Assuming no income or holding costs during the period, if you purchased a vacant parcel of land sixyears ago for $1,500,000, how much would you have to sell it for to yield a 10% annual return on your investment