Rex is considering investing in an annuity being offered by Mawson Investments Ltd. The annuity will pay him $8,000 per half year for 3 years. Rex is trying to work out how much this annuity is worth. He thinks that he should receive a return equivalent to an effective annual interest rate of 9.0% per annum. What is the value of this annuity to Rex?

Select one:

a. $41,562.13

b. $41,392.35

c. $41,700.54

d. $41,262.98