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If Joel earns a 12% after-tax rate of return, $11,000 received in two years is worth how much today? Use Exhibit 3.1 . (Round present

If Joel earns a 12% after-tax rate of return, $11,000 received in two years is worth how much today? Use Exhibit 3.1. (Round present and future value factor(s) to 3 decimal places.)

Multiple Choice

$11,000.
$9,770.
$8,767.
$12,320.
None of the choices are correct.

EXHIBIT 3-1 Present Value of a Single Payment at Various Annual Rates of Return

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