A 15 Payment Annual Annuity Has Its First Payment in 9

A 15 payment annual annuity has its first payment in 9 years. If the payment amount is $1400 and the interest rate is 7%, what is the most you should be willing to pay today for this investment?

A) $5,825.11
B) $12,751.08
C) $6,416.67
D) $7,421.24
E) $6,935.74 PV0 =$1,400* {[1 - 1.07^-15]/0.07}/1.07⁸