(Present

value of annuities and complex cash

flows)

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	$	19,000			$	24,000
2		19,000
3		19,000
4		19,000
5		19,000	$	19,000
6				19,000		72,000
7				19,000
8				19,000
9				19,000
10				19,000		24,000

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spreadsheet.)

Assuming an annual discount rate of

18

percent, find the present value of each investment.