A ten year old child will receive from 18 years onward, an annual rent, that will be paid at the beginning of year, with an initial value of 4,000 euros, and that will increase at a 5% annual rate. What is the present value if the annual interest rate is 8%?

a. Between 10,000 and 12,000 euros.

b. Between 12,000 and 14,000 euros.

c. Between 14,000 and 16,000 euros.

d. None of the above.