What is the present value of a $12-$year $($annual$)$ annuity of $$1,200$ each year if your required return is $11\mathrm{.}25\%?$

$$7,698\mathrm{.}91$

$$6,855\mathrm{.}48$

$$5,466\mathrm{.}78$

$$7,790\mathrm{.}82$

$$5,687\mathrm{.}30$