The annual interest rate is 4%.
1) What is the present value (PV) of $1,000 that you'll receive in 14 years?
2) If you invest the amount found in part 1 now, how much will you have after 14 years?
3) If you invest $577.48 now, how much will you have after 7 years?
4) If you invest the amount found in part 3 for another 7 years, how much will you have at the end?
