A managed fund guarantees that an investment of $25,000 will receive a payment of $10,000 at the end of year 3, $12,000 at the end of year 4 and $15,000 at the end of year 5. What is the net present value of the cash flows from the investment if rate of discount of 6.4% per annum compounded quarterly is assumed to apply? 2. (a) $3,664.61 (b) $28,464.03 (c) $28,664.61 (d) $3,494.03 (e 9,652.24