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The present value of an ordinary annuity of $100,000 to be received at the end of each of the next 3 years (with annual discounting)
The present value of an ordinary annuity of $100,000 to be received at the end of each of the next 3 years (with annual discounting) at 2% per year is _____.
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| A) | less than $36,000 |
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| B) | more than $36,000 but less than $37,000 |
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| C) | more than $37,000 but less than $38,000 |
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| D) | more than $38,000 but less than $39,000 |
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| E) | more than $40,000 |
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