What single payment today would replace a payment stream of $50,000 that will be paid today, again at the end of year 1, and again at the end of year 2, if money earns 4% compounded semi-annually?

Select one:

a. $94,384.98

b. $97,484.92

c. $85,865.39

d. $93,485.53

e. $98,058.44