You are investing $25,000 at the end of each year for ten years. Given an interest rate, you can compute the future value of this investment by:

1. Finding the present value of the sum of the payments, and then finding the future value of the sum.

2. Applying the proper present value factor to each cash flow, adding up these present values, and then finding the future value of the sum.

3. Applying the proper present value factor to each cash flow, then adding up these values.

4. Finding the future value of the sum of the payments.