Mustafa can receive a $77.00 discount if he pays his property taxes early. Alternatively, he can pay the full amount of $2,250 when payment is due in 9 months. Which alternative is to his advantage if he can earn 6% compounded monthly on short-term investments? In current dollars, how much is the advantage?

Compounded Monthly

Refers to an interest calculation method where interest is added to the principal balance on a monthly basis, allowing the interest to earn interest.

Property Taxes

Taxes levied by local government on real property based on its value, used to fund public services.

Current Dollars

The value of money expressed in terms of the purchasing power at the time of reporting, not adjusted for inflation.