Jack wants to buy a boat today today but has realised that if he takes out a loan he can only repay $1200 quarterly, with payments made at the beginning of each quarter, over the next 10 years. How much can he spend on his boat today if the interest rate is 11.6% per annum compounded quarterly?

Select one:

a. $7692.30

b. $28191.63

c. $29009.19

d. $6892.74