Hi, may I ask how to do for this question and how to get the number of $28,931.87 at choice 3?

- What is the present value of a seven-year $5,000 annuity that makes its first payment four years from today if the discount rate is 5% ? A. $35,000.00 : incorrect - this is simply $5,0007 years and doesn't take the Time Value of Money into account B. $28,931.87 : incorrect - this is the "present" value of the annuity streams one period prior to receiving the first $5,000 (at the end of year 3 , in this case) C. $24,992.43 : correct $28,931.87/(1.05)3 D. $23,802.32 : incorrect - $28,931.87/(1.05)4