Present value with multiple cash ows: Jeremy Fenloch borrowed some money from his friend and promised

Question:

Present value with multiple cash ﬂ ows: Jeremy Fenloch borrowed some money from his friend and promised to repay him the amounts of $1,225, $1,350, $1,500, $1,600, and $1,600 over the next five years. If the friend normally discounts investment cash flows at 8 percent annually, how much did Jeremy borrow?