In Florida your Uncle Bob is about to retire, and he wants to buy an annuity that will provide him with $75,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?

a. $825,835

b. $869,300

c. $915,052

d. $963,213

e. $1,011,374