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Kimberly buys a note from a municipality that promises to pay $1,500 at the end of each 3 years. How much should Kimberly pay for

Kimberly buys a note from a municipality that promises to pay $1,500 at the end of each 3 years. How much should Kimberly pay for the note if she desires a rate of return at 8%, compounded annually?

a. $4,000

b. $3,866

c. $3,905

d. $3,950

e. $3,750

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