Your father is considering purchasing an annuity that pays $5,000 at the beginning of each year for 5 years. He could earn 4.5% on his money in other investments with equal risk. What is the most he should pay for the annuity?
A. 20,701
B. $21,791
C. $22,938
D. $24,085
E. $25,289
Answer: C
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