Your grand mother gave you a 15-year annuity as a graduation present. The annuity will pay you $3,500 once a year. You get your cash flow starting in 1 year. You decide to save the money and reinvest it at the going rate, which is 6%.

How much money will you have after 15 years?

a. $52,500

b. $25,000

c. $71,063

d. $33,993