47. Assume that you own an annuity that will pay you $15,000 per year for 12 years, with the first payment being made today. You need money today to open a new restaurant, and your uncle offers to give you $100,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investment? Select the correct answer.

a. 12.68%

b. 13.88%

c. 13.48%

d. 13.08%

e. 12.28%