Problem:
1. The annual amount of a series of payments to be made at the end of each of the next 10 years is $500. Calculate the present worth of the payment at 7% interest, compounded annually.
2. Calculate the future value of the following at a nominal interest rate of 12%.
a) $800 invested at the end of each of the next 8 years, compounded annually.
Show your all work and explain in detail.