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Your friend offers to pay you an annuity of $8,000 at the end of each year for 3 years in return for cash today. You

Your friend offers to pay you an annuity of $8,000 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. $21,583.47
b. $21,576.57
c. $21,562.77
d. $21,590.37
e. $21,569.67

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