5-39B. (Present value ofa future annuity) Determine the present value of an ordinary annuity of

$1,000 per year for 10 years with the first cash flow from the annuity coming at the end of year 8

(that is, no payments at the end of years 1 through 7 and annual payments at the end of years 8 through 17) given a 15 percent discount rate.