E4—1 6 -JM V/Vll. rate. (Appendix 4A: Present

a. value of different

b. payment patterns)

c. $50 at the end of year 2; $100 at the end of year 5; $80 at the beginning of year 8.

$100 at the beginning of years 1, 2, 3, 4; $100 at the beginning of year 8.

$60 at the beginning of years 5, 6, 7, 8; $100 at the beginning of year 10.

d. $90 at the beginning of years 7, 8, 9.

(Appendix 4A: Future and present values)