A friend wants to borrow money from you. He states that he will pay you $4,400 every 6 months for 12 years with the first payment exactly 7 years and six months from today. The interest rate is 6.7 percent compounded semiannually. What is the value of the payments today?

a.$45,255.90

b.$46,517.89

c.$46,764.43

d.$45,590.15

e.$43,788.97