4 years from now you will receive the first of 12 annual $9501 payments. The current interest rate is 4% EAR, but by the beginning of year 4, the rate will rise to 15% EAR. What is the present value of this cash flow stream? (Note: retain at least four places of a decimal in your calculation)

a $44023.53

b. $54143.30

c. $45784.47

d. $63340.00

e. $16942.29

please why the correct answer is c ?