An investment will pay $500 at the end of each of the next 3 years, $700 at the end of Year 4, and $1,000 at the end of Year 5. What is its present value if other investments of equal risk earn 8 percent annually?

a.$2,177.87

b.2,962.96

c.1,592.02

d.2,483.65

e.1,497.28