5. Ivan, an industrial engineering student, is working on a homework problem for Engineering Economy. He needs to calculate the PW at 12 percent of a cash fl ow series with $1,000 at t 5 3, $1,500 at t 5 4, and $2,000 at t 5 5.

If Ivan uses the equation P 5 1,000(PZA 12%,3) 1 500(PZG 12%,3), where is the P now located?

a. t 5 4

c. t 5 1

b. t 5 2

d. t 5 0