Unearned Revenue, which represents the companys obligation to honor gift cards previously issued to customers, totaled $7,200 at the beginning of the year and $10,900 at the end of the year. Customers purchased gift cards amounting to $59,000 during the year. What was the amount of gift cards redeemed by customers during the year?

$55,300

$62,700

$77,100

$40,900