A project is expected to provide a cash flow of $15,600 next year with annual increases of 4.5 percent for a total of 12 cash flows. After that, the project will be worthless. What is the present value of this project at a discount rate of 13 percent, compounded annually?
$111,723.56
$63,206.07
$103,008.67
$89,407.11
$91,987.56