Harrison sees an advertisement for an eight-piece patio furniture set. According to the ad, he will not have to put any money down today; instead, will make six easy installment payments of $999 at the end of every year, for 6 years. The prevailing yield is 11% compounded annually. What is the initial book value of the patio furniture set? You may round your answer to the nearest dollar.

Options

Question 6 options:

	$4,226
	$4,666
	$5,126
	$5,994