Jude Wants to Receive $1,100 at the Beginning of Each

Multiple Choice

Jude wants to receive $1,100 at the beginning of each of the next eight years. If his opportunity cost rate is 9 percent compounded annually, how much must he deposit in an account today? Use a financial calculator to make the calculation.

A) $7,254
B) $7,086
C) $6,874
D) $6,636
E) $6,420