A company undertakes a multi-year project that requires multiple annual payments. First payment starts at the end of year 3 in the amount of $100,000. It will then increase by $10,000 each subsequent...

Extracted text: A company undertakes a multi-year project that requires multiple annual payments. First payment starts at the end of year 3 in the amount of $100,000. It will then increase by $10,000 each subsequent year and the last payment is made at year 10 in the amount of $170,000. The interest rate is fixed at 8% a year. What is the present worth (t=0) of this series of cash flows (arithmetic series)? O 776,434.48 O 883,007.85 O 827,547.83 O 645,335.59 O 685,665.21