An eighteen year old receives an annuity on her birthday from her great uncle's estate paying 3,000 on her nineteenth birthday and subsequent payments that increase by $500 per year until age thirty-five. Find the value of the annuity on her eighteenth birthday assuming an interest rate of 7.25% compounded monthly.
(A) 53,352
(B) 55,241
(C) 58,071
(D) 59,299
(E) 62,789