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9. A certain investment is expected to pay $60 per quarter for the next five years. The required rate of return on the investment is

9.

A certain investment is expected to pay $60 per quarter for the next five years. The required rate of return on the investment is 8% per year, compounded quarterly. What is the present value of the future payments?

Select one:

a. $981.09

b. $994.75

c. $1,046,21

d. %1,154.96

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