An investment will pay $150 at the end of each of the next 3 years, $250 at the end of Year 4, $300 at the end of Year 5, and $500 at the end of Year 6. If other investments of equal risk earn 10% annually, what is the present value of cash flow?

a.

$1012.29

b.

$1054.40

c.

$976.60

d.

$1264.60

e.

$1113.70