$t = 0$

$t = 1$

$t = 2$

$11,000

$12,100

$$\frac{\$11,000}{1.10} = \$10,000$$

$$\frac{\$12,100}{(1.10)^2} = \$10,000$$

$10,000

$10,000

$$\sum \mathrm{PV}$$

$20,000