Multiple Deferred Annuities with Non-Constant Cash Flows 1. You are considering an investment opportunity that is anticipated to provide the following cash flow for the next 50 years at 12% interest. Year 1 2 3 4 5 6 7 8 9 10 Cash Flow 200 300 400 500 600 800 800 800 800 800 Year 11 12 13 14 15 16 17 18 19 20 Cash Flow 800 800 800 800 800 800 800 800 800 800 Year 21 22 23 24 25 26 27 28 29 30 Cash Flow 800 800 800 800 800 800 800 600 500 400 Year 31 32 33 34 35 36 37 38 39 40 Cash Flow 300 200 500 400 400 400 400 400 400 400 Year 41 42 43 44 45 46 47 48 49 50 Cash Flow 400 400 400 400 400 400 400 600 300 700 What is the present value of this cash flow?