How much do you have to deposit today so that beginning 16 years from now you can withdraw $16,000.00 a year for the next 6 years (periods 16 through 21 ) plus an additional amount of $32,000.00 in that last year (period 21 )?Assume an interest rate of 12 percent.

a. What is the value of the $16,000.00 withdrawals in years 16 through 21 at the end of year 15 if the annual interest rate is 12?

b. What is the present value today of the 6-year $16,000.00 annuity at the end of year 15 (found in part a) if the annual interest rate is 12 percent?

c. What is the present value of the amount of $32,000.00 withdrawal in year 21 if the annual discount rate is 12 percent?