The present value of an annuity using an effective annual discount rate of 12% is $40,043.69. This annuity consists of 9 annual payments with the first four payments being $8,000 each starting today. Determine the value of each of the next five payments, assuming they are of equal size.

A) $8,009

B) $5,000

C) $2,721

D) None of the above

WIthout the use of excel