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Your friend offers to pay you an annuity of $3,500 at the end of each year for 3 years in return for cash today. You

Your friend offers to pay you an annuity of $3,500 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. $9,449.17b. $9,442.77c. $9,452.37d. $9,439.57e. $9,445.97

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