Question 7 (1 point) Your father is about to retire, and he wants to buy an annuity that will provide him with $40,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 6%. How much would it cost him to buy the annuity today? a) $607,905.82 b) $416,110.34 c) $486,324.66 d) $488,796.84 e) $729,486.98