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15) Suppose the interest rate is 9% APR with monthly compounding. Then the present value of an annuity that pays $250 every three months for

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15) Suppose the interest rate is 9% APR with monthly compounding. Then the present value of an annuity that pays $250 every three months for the next ve years is closest to: A} $2,280 B] $3,985 C] $3,990 D} $3,995 Answer: B Explanation: B] EAR = {1 + .09;12)12 1 = .093807 4 APR = (11 + 39330? 1) x 4 = .090677 1 1 wow? ' mom? 1 1 4 4 1 + new? PVAIPMTL 4 i\" * \"N = 250 2 $3,984.49

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