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You will receive the following cash flows at the end of each year for the next 5 years. Year 1: $1,500; Year 2: $3,500; Year

You will receive the following cash flows at the end of each year for the next 5 years. Year 1: $1,500; Year 2: $3,500; Year 3: $9,500; Year 4: $0; Year 5: $1,500. You can invest the money at an annual return rate of 8%. What is the present value of this stream of future cash flows?

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$12,325.07

$12,951.86

$13,033.53

$13,988.00

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