An uncle of yours who is about to retire wants to sell some of his stock and buy an annuity that will provide him with income of $36,000 per year for 30 years, beginning a year from today. The going rate on such annuities is 7.25%. How much would it cost him to buy such an annuity today?

Select the correct answer.

a. $435,731.86

b. $435,714.66

c. $435,697.46

d. $435,706.06

e. $435,723.26