20. What is the value of a building that is expected to generate fixed annual cash flows of $3,261.00 every year for a certain amount of time if the first annual cash flow is expected in 3 years and the last annual cash flow is

expected in 12 years and the appropriate discount rate is 12.70 percent?

O $14100.29 (plus or minus $10)

O $13323.57 (plus or minus $10)

O $11822. 16 (plus or minus $10)

O $12511.35 (plus or minus $10)

O None of the above is within $10 of the correct answer