You are expecting annual cash flows of $10,000 in years 1-5; $15,000 in years 6-10; and $25,000 in years 11-25. If the rate of interest is 6% compounded annually, calculate the present value of this cash flow stream.

Select one:

a. $200,921

b. $204,921

c. $198,921

d. $224,921

e. $244,921