Budvar-brewery company expects to receive the following cash inflows: $35

000 three years from

now, $50 000 five years from now and $80 000 eight years from now. If

the interest rate over the

whole period is 8% per annum, compounded quarterly, the total present val

ue of these cash flows

(to the nearest dollar) is:

a)

$86 433.

b) $152 777.

c)

$103 696.

d)

$99 998