Joshua desires to purchase an annuity on January 1, 2014, that yields him five annual cash flows of $10,000 each, with the first cash flow to be received on January 1, 2017. The interest rate is 10% compounded annually. The cost (present value) of the annuity on January 1, 2014, is
A. $31,328.81.
B. $34,461.70.
C. $37,907.87.
D. $48,684.19.
Answer: A
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