Problem $9-15($Algo$)$ Present value $[$LO$9-3]$

Sherwin Willams will recelve $$19,000$ a year for the next $17$ years as a result of a picture he has painted. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financlal calculator methods.

a$.$ What is the present value of these payments if the discount rate is $8$ percent?

Note: Do not round intermedlate calculations. Round your final answer to $2$ decimal places.

Present value $,$

b$.$ Should he be willing to sell out his future rights now for $$163\mathrm{.}000?$

$$ Yes

$$ No