Use This Information to Answer the Following Question What Is the Present Value of Receiving $400 at the |

Multiple Choice

Use this information to answer the following question. $$\begin{array} { | c | c | c | } \hline \text { Periods } & \text { Present Value af } \$ 1 \text { at } 7 \text { Percent } & \text { Present Value af Ordinary Annuity of } \\&&\text { \$1 at } 7 \text { Percent } \\1 & 0.935 & 0.935 \\\hline 2 & 0.873 & 1.808 \\\hline 3 & 0.816 & 2.624 \\\hline\end{array}$$
What is the present value of receiving $400 at the end of each year for three years?

A) $1,122.00
B) $326.40
C) $979.20
D) $1,049.60