(Complex present value) How much do you have to deposit today so that beginning 10 years from now you can withdraw $16,000 a year for the next 3 years (periods 10 through 12) plus an additional amount of $32,000 in that last year (period 12)? Assume an interest rate of 7 percent.

a. What is the value of the $16,000 withdrawals in years 10 through 12 at the end of year 9 if the annual interest rate is 7 percent?

b. What is the present value today of the 3-year $16,000 annuity at the end of year 9 (found in part a) if the annual interest rate is 7 percent?

c. What is the present value of the amount of $32,000 withdrawal in year 12 if the annual discount rate is 7 percent?

d. How much do you have to deposit today so that beginning 10 years from now you can withdraw $16,000 a year for the next 3 years (periods 10 through 12) plus an additional amount of$32,000 in that last year (period 12)?