Question $7(10$ points$)$

What is the present value of $$2,000$ per year, at a discount rate of $6\mathrm{.}5$ percent, if the

first payment is received $3$ years from now and the last payment is received $12$ years

from now?

$$11,409$

$$12,169$

$$12,676$

$$13,690$

$$11,409$