1. Marco Polo starts a business in Venice. He believes that he will make 100 pieces of silver at the end of the first month and that his business profits (receivable at the end of each month) will grow at 2% per month for 3 years. After that, Marco plans to quit the business (that is, immediately after the end of the 36^th month). What is the present value of his business today if Marco has a discount rate of 12% (APR, compounded monthly)?