A retirement gratuity of $123,900 is invested in annuity deferred for 10 years. The annuity provides payments of $9,600.00 due at the beginning of every six months. If interest is 7.41% compounded annually, for how long will annuity payments be made?

Select one:

a. 75.00

b. 78.69

c. 72.91

d. 78.12

e. 77.25