The sum of $59,760 is invested at 9.5% compounded monthly for four years. After the four years, the balance in the fund into an annuity due paying annually $15,240. If interest on the annuity is 9.57 compounded annually, what is the term of the annuity?

A. 8.21 years

B. 8.34 years

C. 7.79 years

D. 9.69 years

E. 8.69 years