The Good Life Insurance Co. wants to sell you an annuity which will pay you $720 at the end of each quarter for 30 years. You want to earn a minimum rate of return of 5.7 percent annually with quarterly compounding. What is the most you are willing to pay as a lump sum today to buy this annuity?

$47,034.27

$61,444.23

$61,900.27

$40,948.47

$41,276.87