Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $900 quarterly, with payments made at the beginning of each quarter, over the next 9 years.How much can he spend on his boat today if the interest rate is 8.9% per annum compounded quarterly?

Select one:

a.$22624.80

b.$22132.36

c.$5899.90

d.$5417.73