Your grandfather has left for you in his will a large sum of money. Unfortunately, rather than giving you this money immediately, he has instructed the trustee to first pay you $8,370 in one year. This payment is to grow by 5.25% each year and to be made annually forever. If the appropriate discount rate is 7.25% compounded monthly, how much have you actually inherited today?

Question 28 options:

$344,739

$354,056

$363,373

$372,691

$382,008