Brief Exercise 5-14 (Algo) Present value; ordinary annuity [LO5-8] You have entered into an agreement to purchase a local accounting firm. The agreement specifies you will pay the seller $118,000 each year for six years. What is the cost today of the purchase, assuming a discount rate of (a) 7%, (b) 9%, or (c) 11% ? Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of \$1. PV of S1. FVA of $1, and PVA of $7 )