c4 q7

Present value. A smooth-talking used-car salesman who smiles considerably is offering you a great deal on a "pre-owned" car. He says, "For only 7 annual payments of $2,400, this beautiful 1998 Honda Civic can be yours." If you can borrow money at 9%, what is the price of this car? Assume the payment is made at the end oach year. If you can borrow money at 9%, what is the price of this car? \$ (Round to the nearest cent.)