The expected cash flows from a 4-year investment is shown below. If r = 4.5%, calculate the PV of the investment. Hint: draw a timeline so you can visualize the placement of the cash flows.

Year	CF
0	2,500
1	3,500
2	5,500
3	7,500
4	9,500

1)	$31,866.20

2)	$22,924.35

3)	$25,424.35

4)	None of the above