Howard is thinking of investing in a fund run by Babinda Investment Co. Ltd. He will be required to invest 12 equal annual payments of $1,500 , starting one year from today. If the required rate of return is 8% per annum, compounding quarterly, then the present value of these payments is

Select one:

a. $11,163.04

b. $11,102.55

c. $11,507.98

d. $11,304.125