12

Jim sold a car and accepted a note promising cash flows of $1,000 at the end of Year 1 , and $2,000 at the end of Years 2,3, and 4 as his payment. What was the effective price he received for the car, assuming an interest rate of 7.30% ? Your answer should be between 4,715.00 and 6,525.00, rounded to 2 decimal places, with no special characters