Please answer 2, 3 and 4.

Your best friend won the state lottery and has offered to give you $11, 900 in five years, after he has made his first million dollars. You figure that if you had the money today, you could invest it at 8 percent annual interest. What is the present value of your friend's future gift? The present value of the gift In four years, you would like to buy a small cabin in the mountains. You estimate that the property will cost you $71, 500 when you are ready to buy. How much money would you need to invest each year in an account bearing interest at the rate of 4 percent per year in order to accumulate the $71, 500 purchase price? Required investment per year You have estimated that your educational expenses over the next four years will be $14, 900 per year. How much money do you need in your account now in order to withdraw the required amount each year? Your account bears interest at 6 percent per year. Amount required