An investors required rate of return for the following cash flow stream is 14%:
Year 0 = $5,000 ; Year 1-3 = $8,000 ; Year 4 = $12,000
If payment is made at the end of each period, the present value of the cash flow stream is?
a. $ 29.805.60
b. $ 64,700.00
c. $ 29,191.60
d. $ 34,219.20