Boulder Wilderness Adventures purchased rafting and kayaking equipment by issuing a note to Recreational Co-op, the seller of the equipment. The note required a down payment of $5,000, annual payments of $10,000 at the end of each year for five years (the first payment to be one year from now), and a final payment of $15,000 at the end of the fifth year (this payment is in addition to the $10,000 annual payments). Assume that 10 percent is the relevant annual interest rate.

REQUIRED:

a. Today

b. AT the end of two years

c. AT the end of four years

d. AT the end of five years