You recently learned that your late grandmother has left you an inheritance. Your inheritance will allow you to receive the amount of $1100 at the end of each year for a total of 16 consecutive years. However, because of your young age, these amounts will not begin until the end of 7 years. If the interest rate is 7%, what is the equivalent present value of the inheritance?

		$7408.86
		$6924.17
		$17269.90
		$6471.19
		$10391.31