You Sold a Car and Accepted a Note with the Following

Multiple Choice

You sold a car and accepted a note with the following cash flow stream as your payment. What was the effective price you received for the car assuming an interest rate of 6.0%? Years: 0 1 2 3 4 | | | | | CFs: $0 $1,000 $2,000 $2,000 $2,000

A) $5,987
B) $6,286
C) $6,600
D) $6,930
E) $7,277