Sherwin Williams will receive $19,000 a year for the next 20 years as a result of a picture he has painted. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

a. What is the present value of these payments if the discount rate is 9 percent? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Present Value =

b. Should he be willing to sell out his future rights now for $166,000?

	No
	Yes