Ni Ni is considering investing in an annuity being offered by Katha Investments Ltd. The annuity will pay her $2,000 per quarter for 5 years. Ni Ni is trying to work out how much this annuity is worth. She thinks she should receive a return equivalent to a nominal interest rate of 6% per annum, compounding monthly. What is the value of this annuity to Ni Ni?

Select one:

a. $34,311.86

b. $35,122.67

c. $33,251.83

d. $31,286.42