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Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1, the interest rate is 20% and the present

Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1, the interest rate is 20% and the present value at year zero for the promise is $400, which of the following is right about the present value at year zero for the payment at year 7?

a. $14.80

b. $16.64

c. $23.83

d. $ 22.56

e.None of the above

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