You recently negotiated with Davivienda the refinancing of all your debts that total 43.000.000 pesos. Davivienda charge a special rate of 28% (annual rate with annual capitalization of interest, a.c.a) and you agree to cancel the total debt in 3 years with 36 monthly payments of X pesos. At the same time, the Workers Union where you work announce an offer to cancel all your debt with any financial institutions, with a loan to be paid in 3 years at 10.4% (a.c.a) with 12 quarterly payments of Y pesos. What is the approximately yearly saving if you get the deal with the Union? (Hint: calculate the present value of all the payments made in one year for both plans.)

A. $9.7 Million

B. $8.1 Million

C. $4.0 Million

D. $2.2 Million