Find the present value of 20 annual payments of $3,500 per annum where the first payment is made 5 years from now. So there are 20 annual payments from t=5 to t=24 inclusive. The discount rate is 7% pa. The present value of these payments is:

Select one:

a.

$37,079.0498

b.

$31,116.6197

c.

$28,287.4295

d.

$12,920.95

e.

$9,857.3309