Jones purchased a perpetuity today for $7,000. He will receive the first annual payment of $200 five years from now. The second annual payment will be $200 plus an amount C. Each subsequent payment will be the prior payment plus an additional constant amount C. If the effective annual interest rate is 4%, find C. A Less than $6 B At least $6, but less than $7 C At least $7, but less than $8 D At least $8, but less than $9 E At least \$9