• • S7.45 Portland Savings and Loan is considering new computer software, which, because of installation and training cost, will have an unusual pattern of net receipts. The expected receipts are: $20,000 in year 1, nothing in the next year, $30,000 in year 3, and $50,000 in year 4. At an interest rate of 6% what is the present value of these receipts?