Suppose the term structure of risk-free interest rates is shown below.

Term	1 year	2 years	3 years	5 years	7 years	10 years	20 years
Rate (EAR, %)	1.99	2.41	2.74	3.32	3.76	4.13	4.93

What is the present value of an investment that pays $100 at the end of each of years 1, 2, and 3? If you wanted to value this investment correctly using the annuity formula, which discount rate should you use?

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