years. Round to three decimal places.Use the Present Value of $$1$ table to determine the present value of S$1$ received one year from now Assume a $12\%$ interest rate. Use the same table to find the present value of $$1$ received two years from now. Continue this process for a total of five$($Click the icon to view Present Value of S$1$ table.$)$Read the requirementsRequirement $1.$ What is the total present value of the cash flows received over the five$-$year period?Calculate the total present value of $$1$ received each year $($Round to three decimal places, X$.$XXX$.)$Present ValueOne year from nowTwo years from nowThree years from nowFour years from nowFive years from nowTotal present valueRequirements$-$ X$1.$ What is the total present value of the cash flows received over the five$-$year period?$2.$ Could you characterize this stream of cash flows as an annuity? Why or why not?$3.$ Use the Present Value of Ordinary Annuity of $$1$ table to determine the present value of the same stream of cash flows. Compare your results to your answer to Requirement $1\mathrm{.}4.$ Explain your findings