An insurance company is trying to sell you a retirement annuity. The annuity will give you 25 payments with the first payment in 14 years when you retire. The insurance firm is asking you to pay $100,000 today. If this is a fair deal, what must the payment amount be (to the dollar) if the interest rate is 7 percent? Group of answer choices

$20,679

$12,824

$9,472

$11,874

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