You are expecting to receive cash flows of $200 annually forever, starting in one year. The discount rate is 8.20% per year for the first 9 years, after that the discount rate drops to 4.10% forever. How much would you be willing to pay for this investment today?

a.

$4,878

b.

$3,737

c.

$3,457

d.

$2,439

e.

$3,639