Year 1: PV = $12,000 / (1 + 0.11)^1 = $10,810.81
Year 2: PV = $13,000 / (1 + 0.11)^2 = $10,881.74
Year 3: PV = $17,000 / (1 + 0.11)^3 = $12,019.83
Year 4: PV = $19,000 / (1 + 0.11)^4 = $12,607.71
Year 5: PV = $23,000 / (1 + 0.11)^5 = $14,019.83
Year 6: PV =
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