Mitchell Investments has offered you the following investment opportunity:
$6,000 at the end of each year for the first five years, plus.
$3,000 at the end of each year from years 6 through 10, plus.
$2,000 at the end of each year from years 11 through 20.
a. How much would you be willing to pay for this investment if you require a 12 percent rate of return?