A Formalwear Shop Will Earn a Net Income of $1,500

A formalwear shop will earn a net income of $1,500 per year on a tuxedo.A tuxedo is good for two years,after which it will be worn out and worthless.If the interest rate is 10 percent (0.10) per year,what is the present value of a new tuxedo to the shop? (Assume that each year's income is received at the end of the year. )

A) $148.76
B) $2,955.30
C) $2,955.59
D) $2.603.31
E) $3,000.00