1. How much will an investment of $40,000 today be worth in 25 years if it is earning an annual return of 12%?
2. What is the present value of a security that will pay $3,000 in 8 years if securities of equal risk pay 9% annually?
3. What is the future value of the following ordinary annuity: $3000 per year for 30 years at 3% annually.