You are thinking of buying a miniature golf course. It is expected to generate annual cash flows of $40,000 in years 1 through 4 and $50,000 per year in years 5 through 8. If the appropriate discount rate is 10% per annum, what is the present value of these cash flows? a. $828,230 b. $235,056 c. $167,943 d. $285,288.