Suppose that you want to buy a house 5 years from now, and you estimate that an initial down payment of $30,000 will be required at that time. To accumulate the $30,000, you wish to make equal annual end of year deposits into an account paying annual interest of 6%. What should your payments be?

Select one:

a. $4229.76

b. $5321.89

c. $4300.88

d. $7121.89