You have been offered the opportunity to invest in a project that will pay $4,746 per year at the end of years one through three and $11,338 per year at the end of years four and five. If the appropriate discount rate is 7.1 percent per year, what is the present value of this cash flow pattern?

Round the answer to two decimal places. Please show how you received the answer, formula.

Homework #2E (PV of Mixed Stream)

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