Your aunt is about to retire, and she wants to sell some of her stock and buy an annuity that will provide her with income of $95,000 per year for 30 years, beginning a year from today. The going rate on such annuities is 7.25%. How much would it cost her to buy such an annuity today?
A. $931,376.84
B. $1,172,844.91
C. $1,333,823.63
D. $1,149,847.96
E. $1,241,835.79
Answer: D
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