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12. An investor has $30,000 which he can invest today. In addition to this amount, he can also invest $9,000 per year for twenty years (beginning one year from now) at which time he will retire. He plans on living for twenty-five years after he retires. If interest rates are 8%, what size annual annuity payment can he obtain for his retirement years? (All annuity payments are at year end A) $551,686 B) $51,681 C) $56,190 D) $47,248 E) $44,674 teoory of life insurers is- _ and the largest liability category is