You have been offered a 5-year investment at a price of $84,124.25. It will pay $9,200 at the end of Year 1, $16,000 at the end of Year 2, and a fixed but currently unspecified cash flow, X, at the end of Years 3 through 5. The payer is essentially riskless, so you are sure the payments will be made, and you regard 6.5% as an appropriate rate of return on riskless 5-year investments. What cash flow must the investment provide at the end of each of the final 3 years, that is, what is X?

a. $20,459.73

b. $26,286.00

c. $33,832.60

d. $61,379.20

e. $69,617.83