You have been offered a 4-year investment at a price of $94,026.08. It will pay $35,000 at the end of Year 1 and a fixed but currently unspecified cash flow, X, at the end of Years 2, 3, and 4. You regard 7% as an appropriate rate of return for this 4-year investment. What cash flow must the investment provide at the end of each of Years 2, 3, and 4, that is, what is X?

a. $19,675.00

b. $20,438.60

c. $21,869.30

d. $23,435.00

e. $25,000.00