James Is a Law Student Who Wishes to Understand How

James is a law student who wishes to understand how a perpetuity works.His grandfather invested in a perpetual bond 25 years ago,which pays $15,000 annually at a 12% interest rate.What was the present value of the cash flows of this perpetuity when it was purchased?

A) $84,753.35
B) $150,000
C) $125,000
D) $133,928.57
E) $16,800