A very odd lottery offers the following annuity payment on the last day of each period.The payment amount is $4 ,000, and it will be received 4 times per year. (hint; this is a regular annuity!)You will receive the periodic sum (annuity payment) for 7 years.You ask an investment adviser and they estimate your opportunity cost of funds to be 4.00% (nominal stated rate).At what instant payout would you be indifferent between the annuity and cash now? i.e. what is the present value of the annuity?