In order to reduce the amount of pollution downtown, the City of Toronto is considering the investment of a new set of e-bikes whose cash inflows are estimated at $23,000 annually for the next 7 years. If the city's cost of capital is 4.80%, what is the maximum they should pay for the set of e-bikes?

a.

$161,000

b.

$115,957

c.

$134,057

d.

$188,370

e.

$153,626