Step-by-Step Calculation: Identify the payment (PMT), which is $100,000. Identify the annual interest rate (r), which is 0.03. Calculate the present value factor for each payment using the formula PV = PMT / (1 r)ⁿ, where n is the number of years until the payment will be received. Sum up the present values of all nine payments. Round the total to the nearest dollar. Following this method: PV = $100,000 / (1 0.03)¹ $100,000 / (1 0.03)² ... $100,000 / (1 0.03)⁹ After calculating the sum of all present values for the nine payments, you will find the total present value is $778,611 when rounded to the nearest dollar. Therefore, the late-future payments have a total present value of $778,611 today, and this would be the correct answer from the given options What is the total present value
