A small craft store located in a kiosk expects to generate annual cash flows of $6,800 for the next three years. At the end of the three years, the business is expected to be sold for $15,000. What is the value of this business at a discount rate of 15 percent?
Multiple Choice
$30,100.07
$29,408.27
$25,388.67
Correct
$17,409.09
$19,477.67