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<8> (Deferred Annuity) How much is the present value of the following multiple cash flow? Each of the cash flows is equal to $5,000. The

<8> (Deferred Annuity) How much is the present value of the following multiple cash flow? Each of the cash flows is equal to $5,000. The first cash flow starts at the end of year 8; and the last cash flow ends at the end of year 20. Assume interest rate is 10%.

Please show how to do it without using excel. I would like to understand it with seeing calculations. Thank you.

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