Answer:
$202,137.90  
Explanation:
Year Annual payment	Discount factor  Present value  
1	$28,000          0.965250965	$27,027.03  
2	$32,000          0.931709426         $29,814.70  
3	$66,000          0.899333423         $59,356.01  
4	$99,000          0.868082454	$85,940.16
Total present value                                         $202,137.90  
The discount factor should be computed by  
= 1 ÷ (1 + interest rate)^years  
where,  
rate is 3.6%  
Year = 0,1,2,3,4 and so on