You just settled an insurance claim. The settlement calls for increasing payments over a five-year period. The first payment will be paid one year from now in the amount of $7,000. The following payments will increase by 3.5 percent annually. What is the value of this settlement to you today if you can earn 6.5 percent on your investments?

$34,141.14

$28,008.16

$31,063.79

$36,408.28

$42,023.05

$28,008.16

$34,141.14

$42,023.05