Assume that you own an annuity that will pay you $15,000 per year for 12 years, with the first payment being made today. You need money today to start a new business, and your uncle offers to give you $156,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investment?

a. 2.42%

b. 3.31%

c. 2.72%

d. 2.15%

e. 2.77%