21

Derek has the opportunity to make an investment today. The investment will pay Derek $32,000.00 exactly 22 years from today. Assuming that Derek believes the appropriate discount rate is 12% p.a., he should be willing to pay $ ______ for this investment. O 1) 3,219.89 2) 2.361.22 3) 2,961.91 4) 2,644.56 5) 3,425.35