Question 3 (1 point) A 3-payment, 5-year-deferred annuity immediate has the following spot and forward rates: Spot Spot Rate Forward Rate 4% 9% S5 S6 SZ Sg Forward fs fo fa fe fo 7% 5% SO 6% Calculate the present value at time 0 of this annuity. a) 1.9057 b) 1.9973 c) 1.9456 d) 1.9239 1.9681 Question 3 (1 point) A 3-payment, 5-year-deferred annuity immediate has the following spot and forward rates: Spot Spot Rate Forward Rate 4% 9% S5 S6 SZ Sg Forward fs fo fa fe fo 7% 5% SO 6% Calculate the present value at time 0 of this annuity. a) 1.9057 b) 1.9973 c) 1.9456 d) 1.9239 1.9681