You have just received a judgment in a product liability suit that will pay you $40,000 at the end of each of the next five years. Question: If you can earn interest at a rate of 8% compounded annually, what is the present value of this judgment?

Select one: a. $ 159,708 b. $ 58,773 c. $ 234,664 d. $ 200,000 e. $ 18,528