First of all, I do NOT want the answer to the problem. I just need clarification on the way it is worded. Here is the information:
Calculate the present value of the following cash flows, rounding to the nearest dollar:
b. An annual receipt of $16,000 over the next 12 years, discounted at a 14% rate of return.

My question is: does annual receipt mean that $16,000 is being put in EACH year, or is the $16,000 what is expected to RECEIVE at the end of 12 years?

Thanks in advance for any advice. I have searched everywhere I can for the clarification I seek!

The way I read it, sounds like you are expecting $16,000 per year.