The furniture store offers you no-money-down on a new set of living room furniture. Further, you may pay for the furniture in three equal annual end-of-the-year payments of $1,100 each with the first payment to be made one year from today. If the discount rate is 6%, what is the present value of the furniture payments?
A) $2,940.31 B) $2,673.01 C) $3,183.60 D) $3,000.00