Stephen will receive payments at the end of each month for one year, equaling 12 payments. The first payment is $7,000 and each subsequent payment is decreased by 5% (e.g. the 2nd payment is 95% of the 1st payment, the 3rd payment is 95% of the 2nd payment, and so on). As soon as Stephen receives each payment, he deposits it into an account earning a nominal annual effective interest rate of 8.4%. What is the accumulated value in the account at the end of the year? Show work with equations and not excel please.

a. < $60000

b. >= $60000 but < $75000

c. >= $75000 but < $90000

d. >= $90000