TriStar Company, a small biotechnology firm, has borrowed $200,000 to purchase laboratory equipment for gene splicing. The loan carries an interest rate of 8% per year and is to be repaid in equal installments over the next 8 years. What is the amount of the annual installment?

Group of answer choices

$34,802.95

$38,414.48

$32,015.94

$25,000.00