Excellent Inc. has an opportunity to invest in a project that will pay $10,000 at the end of year 1, and each year afterward the payoff will increase by 5.5 percent, so that at the end of year 2, the payoff will be $10,550. If the appropriate discount rate is 8 percent, what is the present value of the investment to the nearest $100? It seems to me that we will need to use one of the convenience formulas to find this present value rather than a set of tables.

	a.	$125,000
	b.	$181,818
	c.	$400,000
	d.	$500,000