You Just Won a National Sweepstakes! for Your Prize,you Opted

You just won a national sweepstakes! For your prize,you opted to receive never-ending payments.The first payment will be $12,500 and will be paid one year from today.Every year thereafter,the payments will increase by 3.5 percent annually.What is the present value of your prize at a discount rate of 8 percent?

A) $166,666.67
B) $248,409.19
C) $277,777.78
D) $291,006.12
E) $300,000.00