Rick's Repairs, Inc

Rick's Repairs, Inc. is considering renting a new shop. The landlord has offered a number of alternatives for paying the rent. The company's desired rate of return is 10%. The landlord offered a 3-year lease with the rent payments as follows: $16,000 at the end of the first year, $24,000 at the end of the second year, and $20,000 at the end of the third year.
Using a spreadsheet or a financial calculator, calculate the present value of the rent payments over the life of the lease.
The present value of the rent payments over the life of the lease is:

A) $45,079
B) $49,200
C) $49,406
D) $60,000