Question $16$

You invest in a stock that is expected to pay dividends each year. You anticipate receiving

$$5,000$ at the end of the first year, $$6,000$ at the end of the second year, $$7,000$ at the end of

the third year, and $$7,000$ at the end of the fourth year in the form of annual dividends. With

an annual interest rate of $7$ percent, what is the future value of these dividends?

$$20,968$

$$23,110$

$$27,485$