A gaming company would like to license a game that you've created. They are willing to pay you in 5 annual installments. The first installment of $215014 will be 3 years from now. The payments will then increase by 5% every year and will be made exactly a year apart.

What is the value of the contract today at a 4% discount rate?

Select one:

a. $ 1053792

b. $ 936818

c. $ 1075726

d. $ 955737

e. $ 974290