1. What's the present value, when interest rates are 7.5 percent, of a $230 payment made every year forever? (Round your answer to 2 decimal places.)
2. Compute the present value of $500 paid in three years using the following discount rates: 7 percent in the first year, 8 percent in the second year, and 9 percent in the third year. (Do not round intermediate calculations and round your answer to 2 decimal places.)