Using the appropriate present value table and assuming a 12% annual interest rate, determine the present value on December 31, 2021, of a five-period annual annuity of $5,000 under each of the following situations: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

(Use appropriate factor(s) from the tables provided.)

1. The first payment is received on December 31, 2022, and interest is compounded annually.

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PV-12/31/2021-

2. The first payment is received on December 31, 2021, and interest is compounded annually.

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PV-12/31/2021

3. The first payment is received on December 31, 2022, and interest is compounded quarterly.