What is the present value of $8,000 paid at the end of each of the next 60 years if the interest rate is 8% per year? The present value is $ . (Round to the nearest cent.) You are thinking of building a new machine that will save you $1,000 in the first year. The machine will then begin to wear out so that the savings decline at a rate of 2% per year forever. What is the present value of the savings if the interest rate is 4% per year? The present value of the savings is $ . (Round to the nearest dollar.) You have decided to buy a perpetual bond. The bond makes one payment at the end of every year forever and has an interest rate of 5%. If the bond initially costs $1,000, what is the payment every year? The payment at the end of each year is $ . (Round to the nearest dollar.)