Pete has placed his money into an investment that promises to pay him the following amounts at the end of each of the next 10 years: $1,000 in Year 1, $2,000 in Year 2, $3,000 in Year 3, $4,000 in Year 4, and $5,000 per year in Years 5-10. If Pete want to earn a return of 8% per year, how much would he be willing to pay for this investment today? Round your answer to the nearest dollar.

Select one:

a. $53,869

b. $40,000

c. $32,798

d. $24,952