The present value of a sum of money is the amount that must be invested now, at a given rate of interest, to produce the desired sum at a later date. Find the present value of $1,000 if interest is paid at a rate of 9% per year, compounded semiannually, for 2 years.  Round to the nearest cent.
??

A. $700.16
B. $838.56
C. $841.68
D. $960.98
E. $708.43


Answer: B

Mathematics

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