Bill has set up an ordinary annuity to save for his retirement in 25 years. If his monthly payments are $150, and the annuity has an interest rate of 3.8% (compounded monthly), what will be the value of the ordinary annuity when he retires?

Question 16 options:

$27,365.35

$65,391.59

$74,928.86

$121,911.23

$75,106.54