Can you please explain how they got the present value figures on the right column? Thanks.

On December 31, 20X4, Arnold, Inc., issued $200,000, 8% serial bonds, to be repaid in the amount of $40,000 each year. Interest is payable annually on December 31. The bonds were issued to yield 10% a year. The bond proceeds were $190,280 based on the present values at December 31, 20X4, of the five annual payments as follows:

	Amounts Due
Due Date	Principle	Interest	Present Value at 12/31/X4
12/31/X5	$40,000	$16,000	$50,900
12/31/X6	$40,000	$12,800	$43,610
12/31/X7	$40,000	$9,600	$37,250
12/31/X8	$40,000	$6,400	$31,690
12/31/X9	$40,000	$3,200	$26,830
			$190,280