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. $\begin{array}{|c|c|c|}\hline \text { Periods } & \text { Present Value of } \$ 1 \text { at } 7 \text { Percent } & \begin{array}{c}\text { Present Value of Ordinary Annuity of } \$ 1 \\\text { at } 7 \text { Percent }\end{array} \\\hline 1 & 0.935 & 0.935 \\\hline 2 & 0.873 & 1.808 \\\hline 3 & 0.816 & 2.624 \\\hline\end{array}$ 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