Effective date of a decreasing annuity: 1/1/01. Date of first payment: 4/1/01. Frequency of payments: Quarterly. Number of payments: 40 Quarterly decrease in payment: $300. Interest rate: 8% per year, compounded quarterly. Present value of remaining payments as of 1/1/06 (after 1/1/06 payment is made): $50,000. In what range is the first quarterly payment:

A)11,700

B)5700

C)11,800

D)5800

E)11,900