You are given three investment alternatives to analyze. The cash flows from these three investments are as follows:

Investment Alternatives
End of Year	A		B		C
1	$	20,000			$	20,000
2		20,000
3		20,000
4		20,000
5		20,000	$	20,000
6				20,000		100,000
7				20,000
8				20,000
9				20,000
10				20,000		20,000

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spreadsheet.)

Assuming an annual discount rate of

21

percent, find the present value of each investment.

a. What is the present value of investment A at an annual discount rate of 21 percent?

$__ (Round to the nearest cent.)