Seven years from today (at the end of the 7th year) you will receive the first of five annual payments of $800 each. What is the present value (today) of this deferred annuity if the market rate of interest is 9%? (To the nearest whole dollar.) Show how you got your answer.

(A) $1,550

(B) $1,702

(C) $1,855

(D) $3,112