Your insurance agent is trying to sell you an annuity that costs $60,000 today. By buying this annuity, your agent promises that you will receive payments of $310 per month for 25 years. What is the rate of return expressed as an APR on this investments?

a. 3.70%

b. 3.16%

c. 3.80%

d. 4.34%

e. 3.50%