On January 1, 2011, you are considering making an investment that will pay three annual payments of $10,000. The first payment is not expected until December 31, 2013. You are eager to earn 3%. What is the present value of the investment on January 1, 2011?

Select one:

a. $28,286

b. $26,662

c. $27,462

d. $29,135

Present and future value tables of $1 at 3% are presented below: Present and future value tables of S1 at 3% are presented below: N FVI PV $1 FVASI PVASI VAD $1PVAD$i 103000 097087 1.0000 0.97087 0300 100000 2 106090 0.94260 20300 .9134720909 97087 1.09273 0.91514 3.0909 2.82861 3.1836 291347 4 1.12551 088849 4.1836 3.7171043091 3.82861 15927 0.86261 5.309 4 5797154684 4.71710 06090 0.94260 2.0300 191347 15927 0.8626 5.309 4.57971 6 119405 0.83748 646845.41719 6.6625 5.5797 7 .22987 0.81309 7.6625 6.2302878923 641719 8 26677 0.7894 8.8923 7.01969 9.1591 723028 9 1.30477 0.76642 10.1591 7.786 10.4639 8.01969 0 134392 0.74409 11 4639 8.53020 18078 8.78611 138423 0.72242 12.8078 9.252623.1920 9.53020 12 42576 0.70138 14.1920 9.95400 14.6178 10.25262 13 46853 0.68095 15.6178 10.63496 16.0863 10.95400 4 151259 0.66112 17.0863 11.29607 175989163496 15 155797 0.64186 18.5989 11.93794 9.1569 12.29607 16 .60471 0.62317 20.1569 12.56110 20.7616 12.93794