Using the tables in Exhibits 263 and 264, determine the present value ofthe following cash flows, discounted at an annual rate of 15 percent. (Round "PV factors" to 3 decimal places. 00 not round intermediate calculations and round your final answers to the nearest whole dollar amount.) a. $9,300 to be received 20 years from today. b. $16,000 to be received annually for 10 years. c. $14,800 to be received annually for five years, with an additional $12,000 salvage value expected at the end of the fifth year. d. $25,000 to be received annually for the first three years, followed by $20,000 received annually for the next two years (total of five years in which cash is received). Transaction a Transaction b Transaction c Transaction d Present Value of $1 Due in n Periods* EXHIBIT 26-3 Number of Discount Rate Present Value of $1 Payable Periods in n Periods (n) 1% 11/2% 5% 6% 8% 10% 12% 15% 20% 990 .985 952 943 926 909 893 .870 .833 .980 .971 .907 .890 .857 .826 .797 .756 .694 .971 .956 .864 840 .794 .751 .712 .658 .579 .961 .942 .823 .792 .735 .683 .636 .572 .482 16 0 YOU A W N - .951 928 .784 747 681 .621 567 .497 402 .942 915 .746 705 630 .564 .507 432 335 .933 .901 .711 665 .583 .513 .452 .376 .279 .923 .888 .677 .627 .540 .467 .404 .327 .233 .914 .875 .645 592 .500 .424 .361 284 . 194 10 .905 .862 .614 558 .463 386 .322 .247 . 162 20 .820 .742 .377 .312 .215 . 149 .104 .061 .026 24 .788 .700 .310 247 . 158 . 102 .066 035 .013 36 .699 .585 .173 . 123 .063 .032 .017 007 .00 1Present Value of $1 to Be Received Periodically for n Periods EXHIBIT 26-4 Present Value of a $1 Annuity Number of Discount Rate Receivable Each Period for n Periods 1% 11/2% 5% 6% 8% 10% 12% 15% 20% Periods (n) 0.990 0.985 0.952 0.943 0.926 0.909 0.893 0.870 0.833 1.970 1.956 1.859 1.833 1.783 1.736 1.690 1.626 1.528 2.941 2.912 2.723 2.673 2.577 2.487 2.402 2.283 2.106 3.902 3.854 3.546 3.465 3.312 3.170 3.037 2.855 2.589 0 0 YOULAWN- 4.853 4.783 4.329 4.212 3.993 3.791 3.605 3.352 2.991 5.795 5.697 5.076 4.917 4.623 4.355 4.111 3.784 3.326 6.728 6.598 5.786 5.582 5.206 4.868 4.564 4.160 3.605 7.652 7.486 6.463 6.210 5.747 5.335 4.968 4.487 3.837 8.566 8.361 7.108 6.802 6.247 5.759 5.328 4.772 4.031 10 9.471 9.222 7.722 7.360 6.710 6.145 5.650 5.019 4.192 20 18.046 17. 169 12.462 11.470 9.818 8.514 7.469 6.259 4.870 24 21.243 20.030 13.799 12.550 10.529 8.985 7.784 6.434 4.937 36 30.108 27.661 16.547 14.621 11.717 9.677 8.192 6.623 4.993