A new investment opportunity for you is an annuity that pays $550 at the beginning of each year for 3 years. You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity?
A. $1,412.84
B. $1,487.20
C. $1,565.48
D. $1,643.75
E. $1,725.94
Answer: C
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