Find the present value of a 4-year ordinary annuity with annual payments of $160 evaluated at a 10 percent interest rate. You invest $1,000 today and…

Find the present value of a 4-year ordinary annuity with annual payments of $160 evaluated at a 10 percent interest rate.You invest $1,000 today and you can earn 7% annual interest rate. How much money will you have 8 years later if (1) simple interest is used (2) compound interest is used?