1.Jeremy Fenloch borrowed some money from his friend and promised to repay him $1,300, $1,380, $1,540, $1,600, and $1,640 over the next five years. If the friend normally discounts investment cash flows at 10.0 percent annually, how much did Jeremy borrow? (Round answer to 2 decimal places, e.g. 15.25.)
2.Saul Cervantes has just purchased some equipment for his landscaping business. For this equipment he must pay the following amounts at the end of each of the next five years: $10,150, $7,920, $9,570, $12,690, and $11,820. If the appropriate discount rate is 5.840 percent, what is the cost in today's dollars of the equipment Saul purchased today? (Round answer to 2 decimal places, e.g. 15.25.)