Because your mother is about to retire, she wants to buy an annuity that will provide her with $75,000 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 her to buy the annuity today?
A. $825,835
B. $869,300
C. $915,052
D. $963,213
E. $1,011,374
Answer: D
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