(Present

value of an uneven stream of

payments)

You are given three investment alternatives to analyze. The cash flows from these three investments are as follows:

Investment
End of Year	A			B		C
1	$	3,000		$	2,000	$	5,000
2		4,000			2,000		5,000
3		5,000			2,000		(5,000)
4		(6,000)			2,000		(5,000)
5		6,000			4,000		15,000

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spreadsheet.)

What is the present value of each of these three investments if the appropriate discount rate is

9

percent?

a. what is the present value of investments a, b and c at an annual discount rate of 9 percent?