Question $4$

How much must be invested today in order to receive five annual payments of $$1,000,$ if the first payment

is collected two years from today and the interest rate is$10\%?$

$($a$)$ $$1,610\mathrm{.}51$

$($b$)$ $$3,446\mathrm{.}17$

$($c$)$ $$3,790\mathrm{.}79$

$($d$)$ $$4,545\mathrm{.}45$