Problem:
To find the present value of an uneven series of cash flows, you might find the PVs of the individual cash flows and then sum them. Annuity procedures can never be of use, even if some of the cash flows constitute an annuity (for example, $100 cash for Years 3, 4, 5, and 6), because the entire series is not an annuity. Is this statement true or false? Explain.
(Answer provided in approximately 100 words.)