USULU Using the tables in Exhibits 263 and 264, determine the present value of the following cash flows, discounted at an annual rate of 15 percent. (Round "PV factors" to 3 decimal places. Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) a. $40,000 to be received 20 years from today. b. $24,000 to be received annually for 10 years. c. $16,000 to be received annually for five years, with an additional $20,000 salvage value expected at the end of the fifth year. d. $30,000 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). Answer is complete but not entirely correct. Present Value Transaction $ 2,444 X Transaction $ 12,456 X Transaction $ 63,577 Transaction $ 83,296 X Present Value of $1 Due in n Periods* Discount Rate Number of Periods (n) EXHIBIT 26-3 Present Value of $1 Payable in n Periods MONO 1% .990 .980 .971 .961 .951 .942 .933 .923 .914 905 .820 .788 .699 112% 985 .971 956 .942 928 .915 5% 952 .907 864 823 784 746 .711 .677 .645 .614 377 .310 .173 6% 943 .890 840 792 747 705 .665 .627 592 558 312 247 .123 8% 926 .857 794 735 .681 .630 .583 540 .500 .463 215 158 .063 10% 909 826 751 .683 .621 .564 .513 467 .424 386 .149 102 .032 12% 15% .893 870 797 756 712 658 .636 572 567497 507432 .452 .376 404 .327 361 .284 322 247 .104 .061 .066 .035 .017 .007 20% .833 .694 579 .482 402 335 .279 233 .194 .162 .026 .013 .001 .901 888 875 .862 742 700 .585 20 24 36 *The present value of $1 is computed by the formula p= 1/(1+i)n, where p is the present value of $1, i is the discount rate, and n is the number of periods until the future cash flow will occur. Amounts in this table have been rounded to three decimal places and are shown for a limited number of periods and discount rates. Many calculators are programmed to use this formula and can compute present values when the future amount is entered Number of Periods (n) Present Value of $1 to Be Received Periodically for n Periods Discount Rate 112% 5% 6% 8% 10% 12% 15% EXHIBIT 26-4 Present Value of a $1 Annuity Receivable Each Period for n Periods 1% 20% 0.990 1.970 2.941 3.902 4.853 5.795 6.728 7.652 8.566 9.471 18.046 21.243 30.108 0.985 0.952 0.943 0.926 0.909 0.893 0.870 0.833 1.956 1.8591.833 1.783 1.736 1.690 1.626 1.528 2.912 2.7232.673 2.577 2.487 2.402 2.283 2.106 3.854 3.5463.465 3.312 3.170 3.037 2.855 2.589 4.783 4.3294.212 3.993 3.791 3.605 3.352 2.991 5.697 5.076 4.917 4.623 4.355 4.111 3.784 3.326 6.598 5.786 5.582 5.206 4.868 4.564 4.160 3.605 7.4866.463 6.210 5.747 5.335 4.968 4.487 3.837 8.361 7.108 6.802 6.247 5.759 5.328 4.772 4.031 9.222 7.722 7.360 6.710 6.145 5.650 5.0 194.192 17.169 12.462 11.470 9.818 8.514 7.469 6.259 4.870 20.030 13.799 12.550 10.529 8.985 7.784 6.434 4.937 27.661 16.547 14.621 11.717 9.677 8.192 6.623 4.993