Suppose the term structure of risk$-$free interest rates is as shown below: $($Click on the following icon in order to copy its contents into a spreadsheet.$)$

$\backslash$table$[[$Term$,1$ year,$2$ years,$3$ years,$5$ years,$7$ years,$10$ years,$20$ years$],[$Rate $($EAR $\%),1\mathrm{.}96,2\mathrm{.}39,2\mathrm{.}73,3\mathrm{.}33,3\mathrm{.}76,4\mathrm{.}11,4\mathrm{.}95]]$

What is the present value of an investment that pays $$90$ at the end of each of years $1,2,$ and $3?$ If you wanted to value this investment correctly using the annuity formula, what discount rate should you use?

What is the present value of an investment that pays $$90$ at the end of each of years $1,2,$ and $3?$

The present value of the investment is $$,($Round to the nearest cent.$)$