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An 3-year annuity will pay $1907 every year with the first payment occuring one year from today. The term structure of interest rates is such
An 3-year annuity will pay $1907 every year with the first payment occuring one year from today. The term structure of interest rates is such that the interest rate for one-year investments is 5.6% per year, the interest rate for two- year investments is 6.2% per year, and the interest rate for three-year investments is 6.7% per year. What is the present value of the annuity's payments? Round your answer to the nearest dollar
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