Mick has three amounts owning to him from a business that he sold last year.

The first amount is for $16,000 and is due in exactly 9 months time. The yield curve shows that interest rates between 6months and 1 year are 4%.

The second amount is for $10,000 and it is due in 2 years. The 2 year interest rate is 5%.

The final amount is due in 5 years and is for $50,000. The interest rate at 5 years in 7.5%.

Use the following formula where applicable to calculate the total Present Value of Mick's cash flows.

Select one:

a. $59,388.98

b. $35,667.21

c. $58,427.66

d. $64,678.22

e. $65,352.66

f. $59,432.21