For an investment project, today you are planning to invest $2.0 million. The project promises to return $22,500 at the end of each month for next 20 years. If the rate of interest is 12.15% per annum and compounded monthly, compute the present value of the profit.

a.

17,826.62

b.

11,506.39

c.

30,565.45

d.

24,179.57

e.

5,218.67