You just settled an insurance claim. The settlement calls for increasing payments over a seven-year period

You just settled an insurance claim. The settlement calls for increasing payments over a seven-year period. The first payment will be paid one year from now in the amount of $8,000. the following payments will increase by 5% annually. What is the value of this settlement to you today if you can earn 7% on your investments? A. 45,785.85 B. 31,063.79 C. 49,491.43 D. 57,811.54 E. 36,408.28