Question $6\mathrm{.}28$

A deferred perpetuity$-$due begins making annual payments of $500$ per year in $7$ years.

The annual interest rate compounded monthly is $7\%.$

Calculate the present value of the deferred perpetuity$-$due.

A $3,635$

B $4,277$

C $4,550$

D $4,760$

E $4,879$

The answer should be C$.4550.$ Please solve by hand.