Present value of $1

Periods	4%	6%	8%	10%	12%	14%
1	0.96154	0.94340	0.92593	0.90909	0.89286	0.87719
2	0.92456	0.89000	0.85734	0.82645	0.79719	0.76947
3	0.88900	0.83962	0.79383	0.75131	0.71178	0.67497
4	0.85480	0.79209	0.73503	0.68301	0.63552	0.59208
5	0.82193	0.74726	0.68058	0.62092	0.56743	0.51937
6	0.79031	0.70496	0.63017	0.56447	0.50663	0.45559
7	0.75992	0.66506	0.58349	0.51316	0.45235	0.39964
8	0.73069	0.62741	0.54027	0.46651	0.40388	0.35056
9	0.70259	0.59190	0.50025	0.42410	0.36061	0.30751
10	0.67556	0.55839	0.46319	0.38554	0.32197	0.26974

Present value of an annuity of $1

Periods	4%	6%	8%	10%	12%	14%
1	0.96154	0.94340	0.92593	0.90909	0.89286	0.87719
2	1.88609	1.83339	1.78326	1.73554	1.69005	1.64666
3	2.77509	2.67301	2.57710	2.48685	2.40183	2.32163
4	3.62990	3.46511	3.31213	3.16987	3.03735	2.91371
5	4.45182	4.21236	3.99271	3.79079	3.60478	3.43308
6	5.24214	4.91732	4.62288	4.35526	4.11141	3.88867
7	6.00205	5.58238	5.20637	4.86842	4.56376	4.28830
8	6.73274	6.20979	5.74664	5.33493	4.96764	4.63886
9	7.43533	6.80169	6.24689	5.75902	5.32825	4.94637
10	8.11090	7.36009	6.71008	6.14457	5.65022	5.21612

A firm is considering a project with annual cash flows of $300,000. The project would have a five-year life, and the company uses a discount rate of 12%. What is the amount at which the firm would be indifferent between accepting or rejecting the investment? (Note: Use the discount tables provided and round the answer to the nearest dollar.)

a.$2,180,143

b.$1,081,434

c.$1,650,159

d.$3,150,562