(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:

Assuming an annual discount rate of 18 percent, find the present value of each investment.

Investment End of Year $21,000 $ 16,000 16,000 16,000 16,000 16,000 63,000 $ 16,000 16,000 16,000 16,000 16,000 16,000 21,000