Find the present value of 30 annual payments of $2,500 per annum where the first payment is made 11 years from now. So there are 30 annual payments from t=11 to t=40 inclusive. The discount rate is 16% pa. The present value of these payments is: Select one:

a. $41.26 b. $3,500.67 c. $15,413.88 d. $15,443 e. $15,589.43