After consulting with your financial advisor, you figured that you need $11,000 per year for your living during 37 years of the retirement period. You consider buying an annuity contract which will pay $11,000 at the end of every month. Assuming a rate of return of 12%, how much do you need today to buy the ordinary annuity contract?

$1,086,735

$1,085,078

$1,096,219

$1,076,219