Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $5,600 under each of the following situations:

Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

The payments are received at the end of each of the five years and interest is compounded quarterly.

Deposit Date	i =	n =	Deposit	PV
First payment	?	?	$5,600	?
Second payment	?	?	5,600	?
Third payment	?	?	5,600	?
Fourth payment	?	?	5,600	?
Fifth payment	?	?	5,600	?
				$?