For the following, use the following table to calculate the present value of a one time the cash payment of. $20,000 will be received 4 years from today. The rate is 20 percent.

Present value of a single payment				Present value of an annuity
Year	15%	18%	20%	Year	15%	18%	20%
1	0.8696	0.8475	0.8333	1	0.870	0.847	0.833
2	0.7561	0.7182	0.6944	2	1.626	1.566	1.528
3	0.6575	0.6086	0.5787	3	2.283	2.174	2.106
4	0.5718	0.5158	0.4823	4	2.855	2.690	2.589
5	0.4972	0.4371	0.4019	5	3.352	3.058	2.991

Select one:

a. 5,158

b. 8,000

c. 9,646

d. 9,944