Red Sun Rising Corp. has just signed a lease for its new manufacturing facility. The lease agreement calls for annual payments of $1,100,000 for 20 years with the first payment due today. If the interest rate is 3.25 percent, what is the value of this liability today?

a. $17,338,715.51

b.$16,513,062.39

c.$16,925,888.95

d.$15,193,616.72

e.$15,993,280.76