Suppose the interest rate is 9% APR with monthly compounding. What is the present value of an annuity that pays $250 every three months for the next five years closest to? Convert APR to EAR and then use Texas Instruments BA II to solve using:

N:

I/Y:

PV:

PMT:

FV:

The present value of an annuity that pays $250 every three months for the next five years is closest to

A) $2280

B) $3985

C) $3990

D) $3995