Your uncle is about to retire, and he wants to buy an annuity that will provide him with $80,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?
A. $955,507.24
B. $1,202,089.76
C. $1,027,427.14
D. $1,243,186.84
E. $1,058,249.96
Answer: C
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