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A prize pays to the winner the amount of $100 to be received at the end of each year for 10 consecutive years. However, the
A prize pays to the winner the amount of $100 to be received at the end of each year for 10 consecutive years. However, the first amount is not received until the end of year 5 such that the payments stretch from year 5 through year 14. Which comes closest to the present value of this prize if the interest rate is 2%?
A. $898.26
B. $829.85
C. $788.99
D. $774.86
E. $750.50
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