You are given: Mortality follows the Standard Ultimate Life Table. i=0.05

Cabernet, age 60, purchases a whole life annuity due with annual payments of 80,000.

Merlot, age 60, purchases a whole life annuity due with annual payments where the first 15 payments are guaranteed.

If Cabernet and Merlot are actuarially equivalent,

calculate the annual payment of Merlot.

A 78,020

B78,060

C78,100

D78,140

E78,180