A conditional sale contract requires the debtor to make twelve quarterly payments of $267, with the first payment due in nine months. What amount will a finance company pay to purchase the contract on the date of sale if the finance company requires a rate of return of 14% compounded monthly?

Select one:

a. $2,888.18

b. $2,788.18

c. $2,710.18

d. $2,810.18

e. $2,920.18