You plan to make a series of deposits in an individual retirement account. You will deposit $1,000 today, $2,000 in two years and $2,000 in five years. If you withdraw $1,500 in three years and $1,000 in seven years, assuming no withdrawal peanalty, how much will you have after eight years if the interest rate is 7%? What is the present value of these cash flows? Draw the time line and locate the cash flows accordingly.