Farm Boys Insurance Co. wants to sell you an annuity that pays $1,500 per quarter for 20 years. You expect to earn a minimum rate of return of 6% APR, compounded quarterly. The most you are willing to pay for this annuity today is:

Select one:

a. $110,000

b. $130,000

c. $90,000

d. $70,000

e. $50,000