to the correct answer 22. If you owe $35,000 payable at the end of eight years, what amount should your creditor accept in payment immediately if she could eam 13 percent on her money? Intermediate Problems 23. Jack Hammer invests in a stock that will pay dividets 15.00 at the end of the first year; $2.20 at the end of the second year, and $2.40 at the end of the third year. Also, he believes that at the end of the third year he will be able to sell the stock for $33. What is the present value of all future benefits if a discount rate of 11 percent is applied? (Round all values to two places to the right of the decimal point.) 24. Les Moore retired as president of Goodman Snack Foods Company but is currently on a consulting contract for $35,000 per year for the next 10 years. a. If Mr. Moore's opportunity cost (potential return) is 10 percent, what is the present value of his consulting contract? b. Assuming Mr. Moore will not retire for two more years and will not start to receive his 10 payments until the end of the third year, what would be the value of his deferred annuity? 25. Juan Garza invested $20,000 10 years ago at 12 percent, compounded quarterly. How much has he accumulated