You just inherited some money, and a broker offers to sell you an annuity that pays $18,200 at the end of each year for 20 years. You could earn 5% on your money in other investments with equal risk. What is the most you should pay for the annuity?

a. $190,522.27

b. $222,275.98

c. $251,761.57

d. $269,906.55

e. $226,812.23