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You are expecting 3 annual payments of $500, followed by one lump sum payment of $1800, then 6 annual payments of $900 followed by another

You are expecting 3 annual payments of $500, followed by one lump sum payment of $1800, then 6 annual payments of $900 followed by another lump sum payment of $2,500 and 8 annual payments of $1,200. What is the present value of this cash flow if (a) the first payment starts immediately, and (b) the first payment starts in the next period? The discount rate is 8%.

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