Question: Answer all questions. Write your answer in the separate answer file. (Show your workings) 1. Mary gets $100 on the first day of every month.

Answer all questions. Write your answer in the separate answer file.

Answer all questions. Write your answer in the separate answer file. (Show your workings) 1. Mary gets $100 on the first day of every month. Peter, on the other hand, obtains $100 on the last day of every month. Both Mary and Peter will get this amount of money for five years. Suppose the annual discount rate is 8%, calculate the difference of the total present value of what Mary receives and Peter's? (20 marks)

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