12)

Loan repayments of $700 at the beginning of each month for 11 year(s) are equivalent to a single payment of $X today (t=0). If interest is 7.9% p.a. compounding monthly, then $X is closest to:

a.

$61610.62

b.

$5021.61

c.

$5418.32

d.

$62016.23