True / False question. please give the reason.

Question 3: You own three oil wells in Vidalia, Texas. They are expected to produce 7,000 barrels next year in total, but production is declining by 6 percent every year after that. Fortunately, you have a contract fixing the selling price at $15 per barrel for the next 12 years, which implies that the present value of your total production is $710,835. Assume a discount rate of 8 percent, and that the oil is sold at the end of each year (that is, you discount the first cash flow as well)