Taraz Aina is obligated to make the following payments to a loan company:

Timing

Amount

An annuity with the first payment made three years from now

10 annual payments of $7,000 each

One lump sum at the end of eight years

$150,000

As stated above, the annuity includes a total of 10 annual payments with the first one to be made three years from now (at the end of Year 3). The interest rate on the loan is 12% compounded annually, and there is no penalty for early payment.How much must Taraz Aina pay RIGHT NOW in order to completely satisfy her obligation under this loan?Note: The lump sum payment of $150,000 is made separately from the 10 annual payments of $7,000; accordingly, at the end of Year 8, a total payment of $157,000 will be made. The final payment of $7,000 is made at the end of Year 12.Round all of your calculations to the nearest dollar.Hint: The standard present value of an annuity calculation gives you the present value of the annuity as of one period before the first payment is made.