You want to have $2,860,000 at the end of 28 years. You have $5,000 to invest now, and you will receive $80,000 at the end of 5 years. In addition, you plan to invest an equal amount at the end of every year over the next 28 years to reach your goal. If the annual rate of interest is 6.60% , how much do you have to invest annually?

a.

$36,726

b.

$37,851

c.

$31,116

d.

$32,850

e.

$196,670