Find the present value of 4 annual payments of $70 per annum where the first payment is made 1 year from now. So there are 4 annual payments from t=1 to t=4 inclusive. The discount rate is 6% pa. The present value of these payments is:

Question 14Select one:

a.

$1,166.67

b.

$924.11

c.

$242.56

d.

$228.83

e.

$14.55