12. Biqing Inc. designed a patent and decided to sell it. Biqing expects cash flows to be $20,000 one year later, $68,000 two years later, $42,000 three years later, and $68,000 five years later. If Biqing uses 21 percent as the discount rate, what is the present value of the cash flows? Hints: Calculate the PV of the CFs respectively, and then sum all the PVs up. 0 20,000 68,000 42,000 0 68,000 0 1 2 3 5 a. 112,898.69 b. 107,582.952 c. 97,036.654 d. 89,456.247