Assuming an interest rate of 12%, the present value of $70,000 to be received 7 years from now would be closest to: Present Value of $1 Periods 8% 10% 12% 14% 5 0.681 0.621 0.567 0.519 6 0.630 0.564 0.507 0.456 7 0.583 0.513 0.452 0.400 8 0.540 0.467 0.404 0.351 9 0.500 0.424 0.361 0.308 10 0.463 0.386 0.322 0.270 Present Value of Annuity of $1 Periods 8% 10% 12% 14% 5 3.993 3.791 3.605 3.433 6 4.623 4.355 4.111 3.889 7 5.206 4.868 4.564 4.288 8 5.747 5.335 4.968 4.639 9 6.247 5.759 5.328 4.946 10 6.710 6.145 5.650 5.216 A. $31,640 B. $319,480 C. $70,000 D. $58,800