Value of a mixed streamHarte Systems, Inc., a maker of electronic survillance equipment, is considering selling the rights to market its home security system to a well-known hardware chain. The proposed deal calls for the hardware chain to pay Harte $28 comma 000 and $21 comma 000 at the end of years 1 and 2 and to make annual year-end payments of $18 comma 000 in years 3 through 9. A final payment to Harte of $10 comma 000 would be due at the end of year 10.

b.If Harte applies a required rate of return of 11% to them, what is the present value of this series of payments?