1. What is the present value of a security that will pay $7,000 in 20 years if securities of equal risk pay 9% annually? Round your answer to the nearest cent.
2. If you deposit $9,000 in a bank account that pays 4% interest annually, how much will be in your account after 5 years? Round your answer to the nearest cent.
3. If you want to have $125,877 in 115 years, how much money should you put in a savings account today? Assume that the savings account pays you 9.4 percent and it is compounded annually.