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A firm signed a contract to receive $500 per month for one year. The first receipt is due in one month. Assume an interest rate

A firm signed a contract to receive $500 per month for one year. The first receipt is due in one month. Assume an interest rate of 12%. Determine the present value.

a. $3,469

b. $5,628

c. $3,097

d. $5,684

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