20. Aaron plans to invest $20,000 at the end of Year 1,$44,000 at the end of Year 2, and $53,000 at the end of Year 3. You want to have the same amount of money as Aaron three years from now, but you want to make one lump sum investment today. What amount must you invest today if you both earn 9.7 percent per year, compounded annually? A) $88,627 B) $94,942 C) $106,655 D) $154,456 E) $151,047 21. Assume a cash flow of $82,400 in the first year and $148,600 in the second year. Also assume a present value of $303,764.34 at a discount rate of 12.75 percent. What is the cash flow in the third year if that is the only other cash flow? A) $163,100 B) $163,800 C) $164,900 D) $164,400 E) $163,700 22. If you invest $15,000 today, an investment guarantees that 24 years from today you will have $54,750. What annual rate of interest will you earn? A) 5.25% B) 5.54% C) 5.68% D) 5.93% E) 5.71%