Present and future value tables of $1 at 9%, are presented as follows:

	PV of $1	FV of $1	PVA of $1	FVAD of $1	FVA of $1
1	0.91743	1.09000	0.91743	1.0900	1.0000
2	0.84168	1.18810	1.75911	2.2781	2.0900
3	0.77218	1.29503	2.53129	3.5731	3.2781
4	0.70843	1.41158	3.23972	4.9847	4.5731
5	0.64993	1.53862	3.88965	6.5233	5.9847
6	0.59627	1.67710	4.48592	8.2004	7.5233

Accordingly, Mrs. Miller's Mustard Gas & Propane, Ltd. sold the rights to use one of its patented processes that will result in (a) cash receipts of $2,500 at the end of each of the next four years, and (b) a lump sum receipt of $4,000 at the end of the fifth year. The total present value of these payments, if interest is at 9%, is:

(a) $10,699;

(b) $11,468;

(c) $12,100;

(d) $14,000; or

(e) none of the above.