Ruby can invest in a real estate development project today that offers an expected cash return of $1,100,000 at the end of four years. Based on a careful study of other investment alternatives, Ruby believes that an 11.0 percent annual return compounded quarterly is a reasonable return on the investment. How much should Ruby be willing to pay to invest in the project today? $724,604 O $712,662 $699,070 $685,484