Your grandfather has promised to give you $1,500 a year at the end of each of the next four years if you earn Cs or better in all of your courses each year. Using a discount rate of 3%, which of the following is correct for determining the present value of the gift?

A. PV = $1,500 (Annuity PV factor, I = 3%, n = 4)

B.PV = $1,500 3% 4

C.PV = $1,500 (Annuity FV factor, I = 3%, n = 4)

D.PV = $1,500 (PV factor, i = 4%, n = 3)