A man won a lawsuit and was awarded $4,800 per month for 5 years. The man who won the lawsuit currently has a great opportunity for an investment. He has offered the loser of the lawsuit the opportunity to pay off the award in a lump sum payment of $110,000. If the loser of the lawsuit accepts the offer and pays the $110,000 now, what effective annual rate of return will the defendant have made by not paying the 60 monthly payments? 3.93% 58.86% 47.19% 38.19%