Assume that it is the end of 2020 and you have decided to start an investment plan at the end of 2024. At that time, you will invest $5,000 with this investment growing at a constant rate of 4% p.a. over the foreseeable future. If the interest rate appropriate for valuing your investment plan is 12% p.a. its present value today is closest to:

Group of answer choices

$39,720.

$44,486.

$49,825.

$62,500.