Ambrin Corp. expects to receive $8,000 per year for 10 years and $9,500 per year for the next 10 years. What is the present value of this 20 year cash flow? Use an 9% discount rate. Use Appendix D. (Round "PV Factor" to 3 decimal places. Round your intermediate calculations to the nearest dollar value.)

$77,074

$86,701

$112,315

none of these