Please, try not to use Excel or any Computer to solve this problem. Use formulas, math and written explanation to solve the problem. Make sure the answers are well written, clear, and easy to understand. Thanks.

Specter Co. has identified an investment project with the following cash flows. Year Cash Flow $ 780 1,050 1,310 1,425 a. If the discount rate is 8 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. If the discount rate is 17 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. If the discount rate is 25 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value Present value c. Present value b