Trish receives $480 on the first of each month. Josh receives $480 on the last day of

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Question:

Trish receives $480 on the first of each month. Josh receives $480 on the last day of each month. Both Trish and Josh will receive payments for next three years. At a 9.5 percent discount rate, what is the difference in the present value of these two sets of payments?

Select one:

a. $124.30

b. $121.06

c. $118.63