Question: Sharon Walsh has developed an educational software package.She agrees to sell the patent to Pensca for five annual payments of $50,000 each.The payments are to

Sharon Walsh has developed an educational software package.She agrees to sell the patent to Pensca for five annual payments of $50,000 each.The payments are to begin three years from today.Given an annual rate of 8%, what is the approximate present value of the five payments?

Select one:

$199,635

$184,848

$158,477

$171,155

$369,511

can you please show the work of how the correct answer is achieved. thanks

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