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An investment on 1st January year 1 has expected receipts of on 31st December of each year of 900 for 4 years. The time value

An investment on 1st January year 1 has expected receipts of on 31st December of each year of 900 for 4 years. The time value of money is 8%. What is the capital value as at 1 January for year 2?

a.2,148

b.1,548

c.1,376

d.1,327

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