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What's the present value of $1,600 discounted back 5 years if the appropriate interest rate is 6%, compounded monthly? Select the correct answer. a. $1,182.10

What's the present value of $1,600 discounted back 5 years if the appropriate interest rate is 6%, compounded monthly?

Select the correct answer.

a. $1,182.10

b. $1,178.00

c. $1,173.90

d. $1,190.30

e. $1,186.20

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