The sum of $59,760 is invested at 9.5% compounded monthly for four years. After the four years, the balance in the fund is converted 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?

Select one:

a. 5.79 years

b. 6.34 years

c. 7.59 years

d. 6.69 years

e. 5.21 years