A friend wants to borrow money from you. He states that he will pay you $3,400 every 6 months for 9 years with the first payment exactly 7 years and six months from today. The interest rate is 5.7 percent compounded semiannually. What is the value of the payments today?

$32,128.58

$33,021.49

$35,079.17

$31,070.77

$31,956.28