The current platinum price is $1100 per ounce, and annual effective spot rates for 1-year, 2-year, 3-year and 4-year terms are 1.1%, 1.2%, 1.3% and 1.4%, respectively. A swap contract is set up to exchange the market price per ounce of platinum with a fixed amount P at the end of each year for 4 years. Calculate P to the nearest $1.

Group of answer choices

1136

1138

1132

1134

1130