45) A company needs an increase in working capital of $26,000 in a project that will last 8 years. The company's tax rate is 31% and its after-tax discount rate is 7%.

Click here to view Exhibit 13B-1 to determine the appropriate discount factor(s) using table.

The present value of the release of the working capital at the end of the project is closest to: (Round discount factor(s) to 3 decimal places and your final answer to the nearest whole number.)

$10,868 $8,060 $17,940 $15,132

PV = 26000/1.07^8 = 15132 ( I saw this answer but do not understand it)