Your friend offers to pay you an annuity of $3,100 at the end of each year for 3 years in return for cash today. You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity?

Select the correct answer.

a. $8,350.59

b. $8,363.59

c. $8,344.09

d. $8,370.09

e. $8,357.09