In light of the impact of the coronavirus pandemic, Virtual Bank in the Western Australia, wants to set up a reserve fund. The fund will earn an interest rate of 4.7% per annum. If the fund pays a fixed amount of $11 million to the bank annually for an infinite period, starting three years from today, how much does the bank need in the fund today?

Select one:

a. $213.5 million

b. $234.0 million

c. $223.5 million

d. $186.0 million