Garland Inc. offers a new employee a lump-sum signing bonus at the date of employment, June 1, 2016. Alternatively, the employee can take $39,000 at the date of employment plus $10,000 each June 1 for five years, beginning in 2020. Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options?

$44,035.

$40,855.

$69,035.

$65,855.