Tara receives $450 on the first of each month, Jon receives $450 on the last day of each month. Both Tara and Jon will receive payments for the next four years. At a 9.5% discount rate, what is the difference in the present value of these two sets of payments? EXPLAIN

a. 3.75%

b. 4.47%

c. 4.93%

d. 5.45%

e. 5.67%