Leopold is considering investing in an annuity being offered by Moulmein Investments Ltd. The annuity will pay him $2,700 per month for 3 years. Leopold is trying to work out how much this annuity is worth. He thinks that he should receive a return equivalent to an effective annual interest rate of 4.8% per annum. What is the value of this annuity to Leopold?

Select one:

a. $90,357.86

b. $90,985.44

c. $90,496.88

d. $90,975.90