1. You are offered an investment opportunity that will provide the following stream of annual cash flows: End of Cash Flow year 1 $12,000 2 $11,000 3 4 $10,500 $13,000 $15,000 5 If the discount rate is 12.5%, what is the present value of the investment? a. $37,451.83 b. $43,172.28 c. $45,696.56 d. $53,716.41