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Justine receives $450 on the first of each month. Dr. Kim receives $450 on the last day of each month. Both Justine and Dr. Kim

Justine receives $450 on the first of each month. Dr. Kim receives $450 on the last day of each month. Both Justine and Dr. Kim will receive payments for next four years. At a discount rate of 10.5 percent, what is the difference in the present value of these two sets of payments?

A. $162.50

B. $141.80

C. $159.08

D. $154.96

E. $153.79

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