An investment offers $12,512 per year for 15 years, with the first payment occurring 6 years from now. If the required return is 8 percent, what is the value of the investment? (HINT: Remember that when you calculate the PV of the annuity, the claculator gives you the present value of the annuity 1 period before the annuity starts. So if the annuity starts in year 7, that calculator will to give you the persent value of annuity in year 6 . Now you have to bring this number to period 0 by inputting: N=6 (1 period before the annuity starts, in your case it would be a different number depending when your annuity starts) R=8FV=Present value of annuity you found in step 1 . And you solve for PV)