Question $7\mathrm{.}01$

Paul will receive payments of $50$ every three months for $10$ years. The first payment will

be made $3$ months from today. The annual effective interest rate is $8\%.$

Calculate the present value of the annuity.

A $1,032\mathrm{.}89$

B $1,272\mathrm{.}23$

C $1,367\mathrm{.}77$

D $1,381\mathrm{.}63$

E $1,992\mathrm{.}06$

The answer should be $1,381\mathrm{.}63.$ Please solve by hand to get that answer.