Your Uncle Offers You a Stream of Payments Whose Present

Multiple Choice

Your uncle offers you a stream of payments whose present value,today,is $62,000.There are 15 equal annual payments in the stream.The first payment in the stream occurs seven years from today.If the interest rate is 14%,then what is the value of each payment?

A) $22,156.40
B) $19,435.43
C) $25,258.29
D) $28,794.45
E) $10,094.16