Bob Boyd has developed and copyrighted tutorial software for students in advanced accounting. He agrees to sell the copyright to Campus Learning Systems for six annual payments of $5,000 each. The payments will begin 5 years from today. Given an annual interest rate of 8%, what is the present value of the six payments? Present value of 1 for 4 periods at 8% Present value of 1 for 6 periods at 8% .73503 .63017 Present value of 1 for 10 periods at 8% .46319 Future value of 1 for 4 periods at 8% 1.36049 Future value of 1 for 6 periods at 8% 1.58687 Future value of 1 for 10 periods at 8% 2.15892 Present value of an ordinary annuity of 1 for 4 periods at 8% Present value of an ordinary annuity of 1 for 6 periods at 8% Present value of an ordinary annuity of 1 for 10 periods at 8% Future value of an ordinary annuity of 1 for 4 periods at 8% Future value of an ordinary annuity of 1 for 6 periods at 8% Future value of an ordinary annuity of 1 for 10 periods at 8% 3.31213 4.62288 6.71008 4.50611 7.33592 14.48656