Taylor Swift is selling 40 year rights to her music catalogue and you must make an offer to buy it today. Assume you have unlimited funds but require a return on your money of 9%. You would own all the rights which will give you a $82.834mm annual payment for 40 years. The important twist is the first payment is collected three years from today. What is your offer?

Question 19 options:

$900mm

$348.45mm

$890mm

$450mm

$600mm

$750mm