Using technology, determine the present value given that you make monthly payments of 250 point 0 0 dollars at 2 point 3 percent compounded monthly over a 5 year period. Round your answer to the nearest cent.

Use the present value formula for monthly payments: PV = 250[1 − (1 + 0.023/12)^−60] ÷ (0.023/12). There are 5 × 12 = 60 payments, and the monthly interest rate is 0.023/12. Evaluating gives about $14,156.84, so the present value is choice C, $14,156.84.

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