Today, you are buying an annuity which will pay you $25,000 a year for 20 years. The payments are paid annually, starting today. How much are you paying if the interest rate on the annuity is 5%?
A) $310,628.04
B) $311,555.26
C) $313,045.54
D) $325,900.13
E) $327,133.02
Correct Answer:
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