Your friend offers to pay you an annuity of $9,500 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. $25,658.87

b. $25,649.37

c. $25,639.87

d. $25,630.37

e. $25,668.37