Question: Assume that your required rate of return is 12 percent and you are given the following stream of cash flows:
Year 0 -$10,000
Year 1 $12,000
Year 2 $13,000
Year 3 $14,000
Year 4 $15,000
Year 5 $21,000
If payments are made at the end of each period, what is the present value of the cash flow steam?