Mary's fixed deferred annuity has an accumulated value of $85,000. From the time she first purchased the contract, she paid $40,000 in premiums, and took a $3,000 withdrawal a few years ago. Mary's contract provides for payment of a traditional death benefit. If Mary were to die today, how much would the contract pay out as a death benefit? (Search Chapter 1)

a. $85,000

b. $45,000

c. $40,000

d. $37,000