A project is expected to provide a cash flow of $15,600 next year with annual increases of 4.5 percent for a total of 12 cash flows. After that, the project will be worthless. What is the present value of this project at a discount rate of 13 percent, compounded annually?

$111,723.56

$63,206.07

$103,008.67

$89,407.11

$91,987.56