Use the table below to answer the following questions:
	Present Value of 1 Factor		Present Value of an Annuity of 1 Factor
Period	1/2 Yr	Full-Yr	1/2 Yr	Full-Yr
1	0.9449	0.8929	0.9449	0.8929
2	0.8929	0.7972	1.8378	1.6901
3	0.8437	0.7118	2.6814	2.4018
4	0.7972	0.6355	3.4786	3.0373
5	0.7533	0.5674	4.2319	3.6048
6	0.7118	0.5066	4.9437	4.1114
Assumption: Required annual effective rate (EPR) of return is 12%.

If an investment pays you $8500 every 6 months for 3 years, what is its present value?

a

$44,471

b

$42,021

c

$36,302

d

$40,831