Question: Your broker would like to sell you a security ( S 1 ) that will pay you $ 5 3 5 each year for the

Your broker would like to sell you a security (S1) that will pay you $535 each year for the next 9 years. (payments at Years 1-9) and will cost you $2,982.00 to purchase. A competing broker would like you to purchase a different security (S2) that will pay you $215 a quarter for the next 9 years (Quarters 1-36) and has promised you an effective annual rate of return that will be 1.9 percent higher (190 basis points) than the effective annual rate of return on the first security, Given this information, determine how much you should have to pay for this second security in order to earn this higher effective rate of return.
Enter your answer rounded to the nearest cent, without formatting. For example, an answer of $627,394.8765 would be input as 627394.88

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