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Assume the appropriate discount rate for the following cash flows is 10.69 percent per year. Year Cash Flow 1 $ 2,600 2 3,000 3 5,200

Assume the appropriate discount rate for the following cash flows is 10.69 percent per year.

Year Cash Flow
1 $ 2,600
2 3,000
3 5,200
4 5,800

What is the present value of the cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value $

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