A ten-year security pays cash flows of $1,000 a year at the end of each of the next five years (t = 1, 2, 3, 4, 5). After the fifth year, the security pays some constant cash flow at the end of the next four years (t = 6, 7, 8, 9). Ten years from now (t = 10) the security will mature and pay $10,000. The security sells for $30,000 and promises a rate of return of 6%. What annual cash flow does the security pay for years 6 through 9?

Multiple Choice

$7,802.68

$5,637.09

$6,759.28

$7,472.58