1. What is the present value of a series of payments received each year for 6 years, starting with $100 paid one year from now and the payment growing in each subsequent year by 3%? Assume a discount rate of 4%. Please round your answer to the nearest cent.
2. What is the present value of a series of payments received each year for 5 years, starting with $200 paid one year from now and the payment growing in each subsequent year by 1%? Assume a discount rate of 2%. Please round your answer to the nearest cent.
3. What is the present value of a series of payments received each year forever, starting with $400 paid one year from now and the payment growing in each subsequent year by 5%? Assume a discount rate of 7%. Please round your answer to the nearest cent.