Determine the present value of the following notes and bonds using the tables in this appendix (notes are accounted for in the same way as bonds):

1. $100,000, five-year note payable with a contract interest rate of 9 percent, paid annually. The market interest rate at issuance is 10 percent.

2. Ten-year bonds payable with a maturity value of $200,000 and a contract interest rate of 12 percent, paid semi-annually. The market rate of interest is 10 percent at issuance.

3. Same bonds payable as in Requirement 2, but the market interest rate is 8 percent.

4. Same bonds payable as in Requirement 2, but the market interest rate is 12 percent.