1. What is the present value of nine annual cash payments of $4,000, to be paid at the end of each year using an interest rate of 8%?
2. What is the present value of $40,000 to be paid at the end of 20 years, using an interest rate of 16%?
3. How much cash must be deposited in a savings account as a single amount in order to accumulate $300,000 at the end of 12 years, assuming that the account will earn 12% interest?
4. How much cash must be deposited in a savings account (as a single amount) in order to accumulate $50,000 at the end of 11 years, assuming that the account will earn 12% interest?