Multiple Choice
Chris buys a note from a municipality that promises to pay $1,500 at the end of each of 3 years.How much should Chris pay for the note if she desires a rate of return of 8%,compounded annually?
A) $4,000
B) $3,866
C) $3,905
D) $3,950
E) $3,750
Correct Answer:
Verified
Correct Answer:
Verified
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