A contract calls for a lump-sum payment of $30,000. Find the present value of the contract, assuming

Question:

A contract calls for a lump-sum payment of $30,000. Find the present value of the contract, assuming that
(1) The payment is due in five years and the current interest rate is 9 percent;
(2) The payment is due in ten years and the current interest rate is 9 percent;
(3) The payment is due in five years and the current interest rate is 5 percent;
(4) The payment is due in ten years and the current interest rate is 5 percent.