What is the present value of the following series of payments based on a 5 percent compound annual interest rate? Timing of Payment Amount of Payment End of year 1 $1,000 End of year 2 3,000 End of year 3 2,000 End of year 4 0 End of year 5 2,000 End of year 6 2,000 Select one: a. (A) $6,968.20 b. (B) $8,460.63 c. (C) $9,044.28 d. (D) $10,000.00