Using the Technique of Equivalent Annual Cash Flows and a Discount

Multiple Choice

Using the technique of equivalent annual cash flows and a discount rate of 7%,what is the value of the following project? $$\begin{array} { l l l l l l } \text { Year } & 0 & 1 & 2 & 3 & 4 \\\text { CF } & - 22 & 8 & 9 & 11 & 13\end{array}$$

A) 3.06
B) 3.61
C) 10.25
D) 12.23