QUESTION 28 12.5 p How much would you have to invest today in the bank at an interest rate of 8% to have an annuity of $7,000 per year for 8 years, with nothing left in the bank at the end of the 8 years? Select the amount below that is closest to your answer. (Ignore income taxes) Use the selections from the present value tables below: Present Value of $1 Period 4% 8% Present Value of an Annuity of $1 Period 3.630 3.312 4% 8% 4 0.855 0.681 4 8 0.731 0.540 8 6.733 5.747 16 0.534 0.292 16 11.652 8.851 All answers are rounded to the nearest dollar. A. $3,780 OB. $2,044 C. $40.229 D. $61,957