[This question draws on skills you learned in TVM Voiceover 1] When tax certificates are sold at premium prices, it is possible to lose money on the investment if the delinquent property owner redeems quickly. This question illustrates how. Suppose an investor purchases a $6,000(PV) tax lien certificate at auction by bidding a 6\% premium, or $6,0001.06=$6,360. The certificates issued by the taxing authority for this year all earn interest at a rate of 9%(I/Y) compounded monthly. Interest accrues on the face amount of the certificate, not the premium. Calculate the amount of money the investor will receive (FV) if the property owner were to redeem the certificate in just 3 months ( N )? Hints: - Because interest is compounding monthly, you need to input a monthly. interest rate, 9%/12=0.75%, in your financial calculator (.0075 in Excel) - Remember sign conventions: - The face amount of the certificate is a cash outflow, because the investor is purchasing it at auction. Input it with a negative sign. - The amount the investor receives should be less than the amount he/she bid (Input your answer rounded to the nearest whole dollar and without the \$ sign, e.g., 1000)