(Estimated time allowance: 7 minutes) Twelve years ago, you paid for the right to twelve $25,000 annual beginning-of-the-year cash flows. If discounting the cash flows at an annual rate of 8%, what would you pay for these cash flows today? **Use 4 digits in your calculations and 2 digits in your answer. 1) $474,427.50 2) $300,000.00 3) $178,475.00 4) $188,402.50 5) $512,381.70 6) $203,474.70