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Today youre purchasing a 15 year, 5.6 percent annuity at a cost of $38,500. The annuity will pay annual payments starting one year from today.

Today youre purchasing a 15 year, 5.6 percent annuity at a cost of $38,500. The annuity will pay annual payments starting one year from today. What is the amount of each payment?

A. $3,177.59

B. $3,881.88

C. $3,851.76

D. $3,861.12

E. $3,878.49

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