You are considering investing in two different instruments. The first instrument will pay nothing for the first three years, but then it will pay $40,000 per year for five years after that. The second instrument will pay $25,000 for seven years and $40,000 in the eighth year. All payments are made at year-end. If your rate of return on these investments is 6 percent annually, what should you be willing to pay for each instrument today?