20)The amount of $75 400.00 is invested at 9.65% compounded quarterly for 3 years. After 3 years the balance in the fund is converted into an annuity. If interest on the annuity is 6.75% compounded semi-annually and payments are made at the end of every 6 months for 8 years, what is the size of the payments?

Question 20 options:

	A) $8221.24
	B) $8212.24
	C) $8212.42
	D) $8122.24
	E) $8221.42