Tara receives $450 on the first of each month, Jon receives $450 on the last day of each month. Both Tara and Jon will receive payments for the next four years. At a 9.5% discount rate, what is the difference in the present value of these two sets of payments? EXPLAIN
a. 3.75%
b. 4.47%
c. 4.93%
d. 5.45%
e. 5.67%