You recently learned that your late grandmother has left you an inheritance. Your inheritance will allow you to receive the amount of $1200 at the end of each year for a total of 16 consecutive years. However, because of your young age, these amounts will not begin until the end of 3 years. If the interest rate is 3%, what is the equivalent present value of the inheritance? $14208.05 $15073.32 $16515.58 $14634.29 $13794.23