Your firm wants to save $250,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the last day of each year starting today. The firm can earn an annual 4.7 percent rate of return. How much does the firm have to save each year to achieve their goal?

Select one:

a. $81.414.14

b. $79,536.55

c. $83,333.33

d. $76,896.16

e. $78,004.67