An initial deposit of $P is made into an account that earns 5% interest compounded continuously. Money is then withdrawn at a constant rate of $7000 per year.If the account balance becomes zero after 5 years, what was the amount of the initial deposit $P? (This value of P is often called the Present Value of the regular withdrawals of $7000 over a period of 5 years.)

1. P = $310232.

P = $310783.

P = $309124.

P = $309675.

P = $31133