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

Year	6%		10%		12%
1	0.943		0.909		0.893
2	0.890		0.826		0.797
3	0.840		0.751		0.712
4	0.792		0.683		0.636
5	0.747		0.621		0.567

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

Year	6%		10%		12%
1	0.943		0.909		0.893
2	1.833		1.736		1.690
3	2.673		2.487		2.402
4	3.465		3.170		3.037
5	4.212		3.791		3.605

Using the tables provided, the present value of $6,452.00 (rounded to the nearest dollar) to be received at the end of each of the next 4 years, assuming an earnings rate of 12%, is

a.$15,498

b.$6,452

c.$23,259