3. David receives $400 at the end of the first year, $350 at the end of the second year, $300 at the end of the third year and so on, until the final payment of $50. Using an annual effective rate of 3.5%, calculate AV of these payments at the time of the last payment. (A) 1,609 (B) 1,709 (C) 1,880 (D) 2,028 (E) 2,118