You can invest in a security that pays $30 in the second year, $31.50 in the third year, and that will keep growing at the same rate forever. Assume that you can borrow from the bank at a7% interest rate compounded monthly. What is the present value of this security?

Group of answer choices

$1,428.50

$1,281.23

$1,345.29

$1,137.33