On 12-31-17, Pioneer entered into an agreement that required it to make the following payments: Starting 12-31-18, $6,000 every 12-31 until 2023 $7,000 on 12-31-24 Assume the appropriate market interest rate to use in this calculation is 2%. As of 12-31-17 what is the present value of Pioneer's obligation? $39.703 $40,375 $34 375 $39.044 $46.591