You are due to receive an indexed retirement payment of $12,000 per year starting one year from today. After the $12,000 payment one year from today is received, these payments will grow by 3% per year for two years. After these two years, the payments will then start to grow by 5% per year for twelve years. There will be a total of 15 payments. What is this growing annuity worth to you today, if the interest rate is 7%?

$140,222.32

$134,662.12

	$142,948.61
	$135,036.78