Following is a table for the present value of $1 at compound interest:

Year6%10%12%10.9430.9090.89320.8900.8260.79730.8400.7510.71240.7920.6830.63650.7470.6210.567

Following is a table for the present value of an annuity of $1 at compound interest:

Year6%10%12%10.9430.9090.89321.8331.7361.69032.6732.4872.40243.4653.1703.03754.2123.7913.605

Using the tables provided, the present value of $9,694.00 (rounded to the nearest dollar) to be received at the end ofeachof the next 4 years, assuming an earnings rate of 12%, is

a.$34,947

b.$23,285

c.$9,694

d.$29,441