Exercise 26.4 (Algo) Discounting Cash Flows (LO26-3) Using the tables in Exhibits 26-3 and 26-4 determine the present value of the following cash flows, discounted at an annual rate of 15 percent. (Round "PV factors" to 3 dcimal places. Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) a. $12,300 to be received 20 years from today. b. $12,000 to be received annually for 10 years. c. $6,400 to be received annually for five years, with an additional $12,000 salvage value expected at the end of the fifth year. d. $26,000 to be received annually for the first three years, followed by $20,000 received annually for the next two years (total of five years in which cash is received). EXHIBIT 26-4 Present Value of a \$1 Annuity Receivable Each Period for n Periods Present Value of $1 to Be Received Periodically for n Periods 1 EXHIBIT 26-3 Present Value of $1 Payable in n Periods