Answer:
[tex]PV=26,662[/tex]
Explanation:
this question can be solved by applying the concept of present value:
[tex]PV=FV*(1+i)^{-n}[/tex]
where FV is future value, PV is the present value, i is the periodic interest rate and n is the number of periods. the key here is to make a good counting of the different periods of time, for example if the first payment on December 31,2024 is calculated on Januari 1,2021 there will be 3 years for discounting proccess so:
[tex]PV=10,000*(1+0.03)^{-3}+10,000*(1+0.03)^{-4}+10,000*(1+0.03)^{-5}[/tex]
[tex]PV=26,662[/tex]
